Finance

Pakistan Stock exchange closed negative on Friday

Karachi, October 18, 2019: Pakistan equities closed Friday on a negative note with benchmark KSE100 Index shedding just 28 points, closing at 33,870 levels, down 0.1 percent. Pakistan has until February to improve its counter-terror financing operations in line with an internationally agreed action plan or face actions against it.

Moreover, Jamiat Ulema-i-Islam Chief Maulana Fazlur Rehman turned down the government’s offer for negotiations and declared that the party’s decision regarding the Oct 31 march on Islamabad was irreversible.

Financials were the major laggards in today’s trading session where HBL (-1.8 percent) and UBL (-0.5 percent) closed negative.

Furthermore, BAFL (-0.7 percent) reported its 9MCY19 consolidated EPS of Rs5.48 vs Rs4.98 (SPLY) with no cash payout. E&Ps saw mixed sentiments where OGDC (-0.9 percent) closed in the red zone, while POL (+0.7 percent) closed in the green zone as international oil prices dropped amid rising crude stockpile.

Investors interest was seen in Fertilizers where ENGRO (+2.9 percent) and FFC (+0.7 percent) closed in the positive zone. Moreover, EFERT (+4.4 percent) reported 9MCY19 consolidated EPS of Rs7.87 vs Rs9.17 (SPLY) with a DPS Rs6.

Traded value increased by 30 percent DoD to US$31 million while traded volume declined by 16 percent to 115 million shares. Furthermore, major contribution to total market volume came from LOTCHEM (-2.9 percent), EFERT (+4.4 percent), POL (+0.7 percent) and TRG (-0.6 percent). Moving ahead, we expect market to remain choppy on the political front.

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