KSE falls 261 points after heavyweight company’s disappointing results

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KARACHI, Aug 26: Karachi Stock Exchange (KSE) returned to bearish ways on Wednesday as index heavyweight Oil and Gas Development Company (OGDC) reported 30 percent decline in its FY15 earnings. The benchmark KSE 100-Index fell by 0.77 percent or 261.38 points to 33,537.42 points on Wednesday when compared with 33,798. 80 points recorded on Tuesday. The KSE All Share Index sank by 0.53 percent or 125.25 points to 23,448.38 points, the KSE 30-Index decreased by 1.02 percent or 208.49 points to 20,316.66 points, whereas the KMI 30-Index slid by 0.71 percent or 399.35 points to 55,919.05 points. During Wednesday’s trading session, the key index touched an intraday high of 34,021.07 points as against an intraday low of 33, 432.40 points. The Oil and Gas Development Company reported Wednesday earning of 87.2 billion rupees for Financial Year 2015 which was 30 percent lower as compared to last fiscal year. The result came with a final cash dividend of 1.5 rupees per share. Market volumes depleted by 29.52 percent or 116.707 million shares to 278.693 million shares on Wednesday as against 395.400 million shares posted on Tuesday, the capitalization reduced by 0. 53 percent or 38.791 billion rupees to 7.261 trillion rupees, whereas the trading value dampened by 35.14 percent or 6.734 billion rupees to 12.432 billion rupees. Among 384 active scrips on Wednesday, prices of 225 issues went southward, 140 moved northwards whereas values of 19 other companies stayed stable. Karachi Electric Ltd continued to rule the top traded companies with trading of 15.916 million shares, followed by Dewan Cement, TRG Pakistan Ltd SPOT, and Jahangir Siddiqui Company Ltd with turnovers of 15.407 million shares, 14.515 million shares, and 13.776 million shares, respectively. Pak Tobacco was the top price gainer with increment of 43.27 rupees to 908.73 rupees while on the flip side Bata Pakistan led the major price shedders with decrement of 100 rupees to 3,200 rupees.

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