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Market watch: KSE-100 takes another battering
Benchmark index nosedives 911.92 points to settle at 42,779.76
Shares of 408 companies were traded. At the end of the day, 47 stocks closed higher. PHOTO: REUTERS
KARACHI:
The Pakistan Stock Exchange on Thursday experienced another round of battering as it nosedived 912 points on the back of looming uncertainty about taxes and an unstable political situation.
With the latest drop, the bourse has lost over 3,000 points since the start of the ongoing week.
Keeping in view the Senate chairman election on Friday and in order to avoid the impact of an upset similar to the one experienced last week, investors chose to dispose of their stockholdings.
Indus Motor Company’s profit soared over 200% to Rs2.96 billion in the quarter ended December 31, 2020 owing to a sharp increase in net sales and other income.
Plunge in other income drives the drop in earnings
This comes at a time when company profits are coming under pressure. PHOTO: fb.com/OGDCL
KARACHI:
Oil and Gas Development Company’s (OGDC) profit contracted 23.8% to Rs18.9 billion in the quarter ended December 31, 2020 mainly on the back of a sharp fall in other income.
According to a notice sent to the Pakistan Stock Exchange on Wednesday, the oil and gas exploration firm had reported a profit of Rs24.8 billion in the same period of 2019.
Accordingly, earnings per share (EPS) of the firm fell from Rs5.76 in October-December 2019 to Rs4.39 in October-December 2020.
Market watch: KSE-100 extends losses, falls 161 points
Benchmark index loses 0.35% to settle at 45,728.75
Overall trading volumes contracted to 718.2 million shares compared with Monday’s tally of 722.1 million. PHOTO: REUTERS
KARACHI:
Selling pressure continued to dominate trading at the Pakistan Stock Exchange on Tuesday as the KSE-100 index extended losses from the previous session and recorded a decline of 161 points.
Investors took a cautious stance ahead of Financial Action Task Force (FATF) decision on whether to remove Pakistan from the grey list and they resorted to profit-taking.
Dismal current account data, which showed a deficit of $229 million in January 2021, aided the downtrend with the market trading in a narrow range.