Karachi (Business Reporter): Dooms day for the Hascol Petroleum share holders today, as Hascol reported Loss Per Share of PKR 129.94. Investors started heavy selling just after the financial announcement. Price fluctuated sharply from 5 per cent plus to a low of 4 percent within few minutes. Hascol Petroleum also changed its Chief Financial Officer (CFO),
Hascol sales plunged in the financial year 2019. The company reported sales of PKR 179.92 billion during 2019 compared to PKR 274.1 billion in the financial 2018. Company jumped from the profit making entity to the loss making company during the 2019. The company was profitable in the 2018 as it had reported gross profit of PKR 10.7 billion. But, in the year 2019, Hascol is a loss making entity with a gross loss of PKR 1.85 billion
No one had any idea that Hascol’s sales volume will crash during 2019. Market rallied for the Hascol which created a price bubble with high volume. And this bubble busted immediately after the announcement of results. “Within three to four minutes, Hascol prices dropped by 4 percent,” said a young trader.
Will SECP lookinto the trading pattern of last few weeks to grab speculators as many genuine investors have lost confidence, said another trader. “Everyone was calling Hascol a Satta (speculative) item,” said another trader.
Hascol’s prices touched the high of PKR 14.65 in the intra trade. However, priced dropped to PKR 13.06 just after the result. “I think a panic investor offloaded more than a million shares which had intensified selling,” a trader said. Hascol’s share prices,however, ended 39 paisa up at PKR 14.65,