LAHORE
The index, after a weak first session where it dropped 511.57 points, bounced back in the second. It jumped 322.29 points to 45,382.22 before a 234.46 points close in the green.
The KMI 30 index inflated by 526.36 points and the KSE All Share Index gained 164.17 points with 204 advancers and 128 decliners.
It finally looks like the uncertainty at the Pakistan Stock Exchange (PSX) may end soon. Despite fundamentals looking strong, the exchange has chipped off 15 per cent from its peak of the year following heated political climate.
The Supreme Court of Pakistan has reserved its judgment in the Panama Case on the fifth day of hearing and is soon expected to announce its verdict which might also result in the disqualification of the prime minister. The chairman of the country’s regulatory body, The Securities and Exchange Commission of Pakistan (SECP), was also arrested today in the same case.
Investors who have seen the market fall from its peak of over 53,000 to fewer than 44,000 in a narrow span of two months will be glad even with the 2.27 per cent meager rise of the benchmark KSE 100 index during this week.
The market volumes which hit multi-year low in the week clocked at 122.37 million on Friday. TRG Pakistan Limited (TRG +4.97 per cent) was top traded with 12.53 million shares exchanged followed by Dewan Farooque Motors Limited (DFML +3.35 per cent) and Azgard Nine Limited (ANL +5.37 per cent). The volume of 8.39 million and 6.34 million was recorded in the scripts respectively.
Shahtaj Sugar (STJS +0.00 per cent) ended unchanged after the declaration of financial results for the quarter ended March 31, 2017. The company reported 12.08 per cent quarter-on-quarter contraction in sales which pulled down net profits by 65.21 per cent. The earnings per share hit Rs 5.52.
Earnings season gathers pace next week with prominent names from the automobile assembler sector including Hinopak Motors Limited (HINO +1.50 per cent), Pakistan Suzuki Motors Company Limited (PSMC -2.02 per cent) and Honda Atlas Cars (Pakistan) Limited (HCAR -0.06 per cent), becoming ready to announce financials.
SilkBank Limited (SILK +1.99 per cent) sent a clarified to the exchange in regard to the article published today, in The News captioned “Silkbank to convert TFCs into Ordinary Shares”. The bank termed it as baseless and false.
The PSX has been on a roller coaster ride since the JIT probe pitched in. Only political certainty will make, the once best market in South Asia – PSX – to rise to the top again.
