Daily The Business

PSX continues to bleed, sheds 497 points

KARACHI: Investors of the Pakistan Stock Exchange (PSX) witnessed another turbulent session on Tuesday, as indices continued to bleed all day long. Foreign investors, on the other hand, ended as net buyers on Monday with a net inflow of $1.14 million.

As per news reports, Pakistan has signed a $551 million loan agreement with Islamic Development Bank (IDB) for the import of liquified natural gas (LNG) and oil. The loan, granted at a 12-month LIBOR plus 2.22pc rate, would help take some pressure off the country’s forex reserves.

Depreciating by 765.58 points, the KSE 100 index recorded its intraday low of 36,136.11, with the index reaching its 52-week low. The benchmark index closed lower by 497.66 points at 36,404.03. The KMI 30 index dropped 1,017.64 points to settle at 59,275.27, while the KSE All Share index lost 334.69 points, ending at 26,632.90.

The overall trading volumes declined from 125.96 million shares in the previous session to 119.60 million. Lotte Chemical Pakistan Limited (LOTCHEM +0.50pc) topped the volume chart with 11.10 million shares exchanging hands, followed by K-Electric Limited (KEL -2.49pc) and Sui Northern Gas Pipeline Limited (SNGPL -4.67pc). The scripts had traded 9.88 million shares and 8.18 million shares respectively.

Sazgar Engineering Works Limited (SAZEW +1.89pc) declared its financial results for the third quarter of FY2018-19. Sales increased by 87.73pc YoY, whereas earnings per share declined from Rs2.69 in the same period last year to Rs1.58 in the current year owing to a significant increase in finance cost (765pc YoY).

Meanwhile, Pakistan Suzuki Motors Company Limited (PSMC -4.82pc) released its financial performance for the first quarter of CY19. Despite a 9pc YoY increase in sales, the company’s earnings per share deteriorated from Rs10.99 in the same period last year to Rs-11.92. It reported a 346pc YoY increase in finance cost.

Fauji Foods Limited (FFL -4.96pc) also published its accounts for the first quarter of 2019. Sales decreased by 25pc YoY, while earnings per share further worsened from Rs-1.17 in the same period last year to Rs-1.32.

Likewise, Shell Pakistan Limited (SHEL -2.84pc) announced its financial results for the first quarter of CY19. Revenue improved by 9.5pc YoY, whereas earnings per share depreciated from Rs12.67 in the same period last year to Rs2.40. Finance cost increased massively by 608pc YoY.

Kohinoor Energy Limited (KOHE +2.75pc) posted an EPS of Rs1.04 along with an interim cash dividend of Rs1.50. Nimir Industrial Chemicals Limited (NICL +0.64pc) declared an EPS of Rs1.82, Gillette Pakistan Limited (GLPL -0.56pc) of Rs2.79 and Fatima Fertilizer Company Limited (FATIMA +1.34pc) Rs1.73.

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