August 29, 2023 (MLN): The benchmark KSE-100 index extended its decline on Tuesday, losing 708.2 points or 1.49% DoD to close the day at 46,770.42.
The index remained negative throughout the session touching an intraday low of 46,598.23 (-880.38) points.
Total Volume of the KSE100 Index was 111.052 million shares.
The market sentiment has been dampened by the rising political uncertainty within the country.
Moreover, market participants are closely monitoring the upcoming Consumer Price Index (CPI) data due on Friday, which will be pivotal for the next Monetary Policy Committee (MPC) meeting on September 14 wherein experts are of a view of a rate hike.
Of the 100 index companies 11 closed up, 76 closed down, 6 were unchanged while 7 remained untraded.
KSE100 Index was let down by Technology & Communication with 153.93, Commercial Banks with 106.52, Oil & Gas Exploration Companies with 100.41, Cement with 62.61 and Fertilizer with 62.02 points.
This shift in the index’s performance followed the release of earnings by several companies.
Systems Limited (SYS) led as the primary company impacting the index negatively, contributing 170.92 points, this was followed by PPL with 41.68, HUBC with 41.58, HBL with 25.21 and OGDC with 25.19 points.
Attock Petroleum Limited (APL) saw a significant drop in its profitability by 32.78% YoY in FY23, posting a profit after tax of Rs12.46bn [EPS: Rs100.15]. The company also announced a final cash dividend of Rs25 per share
APL’s stock price fell by 6.73% and dragged the KSE-100 index down by 19.16 points.
On the other hand, Fauji Cement Company Limited (FCCL) recorded a slight increase in its profitability by 4.6% YoY in FY23, registering a profit after tax of Rs7.44 billion [EPS: Rs3.16]. However, FCCL’s stock price also declined by 4.78%.
Among other companies releasing earnings today, AVN‘s stock price experienced a decline of 6.26%, while Octopus saw a more significant decrease of 7.49%.
On the flip side, the KSE-100 index was supported by Pharmaceuticals with 3.86, Real Estate Investment Trust with 0.16 and Leasing Companies with 0.02 points.
Companies adding points to the index were TRG with 29.26, UBL with 6.84, KAPCO with 4.94, AGP with 4.5 and ABOT with 3.05 points.
In the broader market, the All-Share index closed at 31,115.31 with a net loss of 393.24 points.
Total market volume was 217.852 million shares compared to 184.138 from the previous session while traded value being recorded at 8.28 billion showing an increase of Rs.1.82 billion.
There was 119,799 trades reported in 328 companies with 62 closing up, 244 closing down and 22 remaining unchanged.
| Company | Volume |
|---|---|
| WTL | 27,409,040 |
| KEL | 14,731,834 |
| DFML | 9,549,974 |
| NCPL | 9,017,000 |
| PPL | 8,315,062 |
| FCCL | 8,250,000 |
| TPLP | 7,520,114 |
| TELE | 7,042,070 |
| KAPCO | 6,530,081 |
| OGDC | 6,318,415 |
On the economic front, automobile financing in Pakistan dropped to Rs285.19 billion in July 2023, witnessing a decrease of 20.90% YoY and 2.91% MoM as compared to Rs360.55bn in July 2022 and Rs293.73bn in June 2023, respectively.
Meanwhile, the Pakistani Rupee (PKR) has slipped by another 1.06 rupees and settled at an all-time low of 303.05 against the US Dollar in the interbank market.
KSE-100 Weekly time-frame chart
Copyright Mettis Link News
Posted on: 2023-08-29T16:27:30+05:00
