Stocks declined for the second consecutive day today with the Karachi Stock Exchange’s (KSE) benchmark 100-share index falling 115.93 points, or 0.35 per cent, to settle at 33,460.01.
Traded volume was recorded at 228 million shares of Rs9.2 billion value, compared to 330m shares valued at Rs11.9bn the previous day.
Foreign investors bought stocks worth $1.08m, taking foreign portfolio inflow to $28.28m this month. Among local participants, companies decided to take profit through net sale of $3.27m worth shares.
Trading session started on a positive note as the index added more than 100 points intra-day. But later, investors’ preferred to liquidate their portfolios and book profit at high levels and repurchase latter at dips.
Faysal Bank rallied 4.2pc after announcing higher-than-expected earnings per share (eps) at Rs1.80 during Jan-March. Engro Corp and Engro Fertiliser remained in investors’ focus after ENGRO, through a KSE notice, announced sale of 7pc shares of its subsidiary EFERT through private placement.
Moreover, the company informed that IFC had agreed to take a 20pc stake in Elengy Terminal Pakistan, another subsidiary of ENGRO.
Following approval of KASB Bank’s amalgamation with BankIslami Pakistan, KSE on Wednesday suspended trading in KASB Bank for a period of 60 days.
In oil and gas marketing sector, HASCOL lost 3.1pc after the company announced eps at Rs3.02 while profit-taking was witnessed in the cement sector.
