Stocks lose 149 points on high inflation

KARACHI: The Pakistan Stock Exchange (PSX) witnessed a lacklustre trading on Monday as higher international oil prices coupled with investors’ concerns about inflationary pressure kept the benchmark in check.

The KSE-100 index closed at 45,429.21points, down 149.15 points or 0.33 per cent from the preceding session.

On the corporate result front, Fauji Fertiliser Bin Qasim Ltd posted earnings per share (EPS) of Rs1.76 for July-September versus the EPS of Rs2.56 recorded a year ago. The result was lower than the industry expectations. In addition, earnings of DG Khan Cement Company Ltd totalled Rs908 million for July-September against a net loss of Rs350m last year.

Market participation decreased 44.82pc to 165.91m shares on a day-on-day basis.

According to Topline Securities, Hum Network Ltd led the volume chart because it notified the exchange about a public announcement of intention by the company’s CEO and co-founder Duraid Qureshi to acquire up to 35.15pc of its total issued paid-up capital.

Sectors that contributed negatively to the benchmark index included commercial banking (127.70 points), cement (71.42 points), fertiliser (12.88 points), oil and gas marketing (9.27 points) and refinery (7.24 points).

Stocks that contributed significantly to the traded volume included Hum Network Ltd (50.75m shares), WorldCall Telecom Ltd (17.43m shares), Bank of Punjab (10.04m shares), Ghani Global Holdings Ltd (9.60m shares) and TRG Pakistan Ltd (4.71m shares).

Stocks that contributed positively to the index included Thal Ltd (14.68 points), Pakistan Petroleum Ltd (13.92 points), Dawood Hercules Corporation Ltd (13.67 points), Fauji Fertiliser Company Ltd (13.67 points) and Shifa International Hospitals Ltd (8.50 points).

Shares that contributed negatively included Meezan Bank Ltd (39.16 points), Lucky Cement Ltd (30.73 points), Habib Bank Ltd (29.93 points), Maple Leaf Cement Factory Ltd (13.53 points) and Askari Bank Ltd (12.71 points).

Foreign investors were net buyers as they purchased shares worth $2.01m.