LAHORE
It seems like the bearish sentiments are finally fading at the Pakistan Stock Exchange (PSX). As the election of the new prime minister was held on Tuesday, investors continued to accumulate scripts and the indices carried forward their stride to regain lost gains. Contrary to the norm, not profit taking, but increased buying was seen in the late hours of trading.
The benchmark KSE 100 index appreciated by 613.46 points intraday before it landed at 46,623.91 up 522.98 points.
The KMI 30 index rolled up 1.95 per cent to 80,731.83 while the KSE All Share Index ended 316.23 points higher with 250 advancers and 111 decliners.
The market volumes depreciated to 256.14 million from previous session’s 319.14 million. Azgard Nine Limited (ANL +0.07 per cent) was the top pick of investors again, with the volume of 21.85 million.
The state bureau of statistics announced that the country’s inflation rate fell to 2.91 per cent year-on-year in July from 3.93 per cent a month earlier.
This is the lowest value since November 2015. On a month-on-month basis, it rose 0.34 per cent in July. Cigarettes, petrol and food items such as bananas, garlic and apples were the main reason for the decline in month-on-month prices.
The engineering sector was rallied the most and added 3.67 per cent to its market capitalisation. Mughal Iron and Steel Industries Limited (MUGHAL +4.24 per cent), International Steels Limited (ISL +5.00 per cent) and Aisha Steels Limited (ASL +4.98 per cent) all touched their upper circuit breaker prices.
The refinery sector topped up its market cap by 3.55 per cent. Except Pakistan Refinery Limited (PRL), which added only 0.15 per cent, all other scripts ended with handsome returns. Byco Petroleum Pak Limited (BYCO) inflated by 4.68 per cent, Attock Refinery Limited (ATRL) by 4.19 per cent and National Refinery Limited (NRL) by 3.77 per cent.
Synthetic Products Enterprises Limited (SPEL -3.70 per cent) declared financials for the year ended June 30, 2017. The company reported a 16.27 per cent growth in sales to take net sales to Rs 2.70 billion. Net profit witnessed an upside of 17.25 per cent to convert into per share earnings of Rs 4.90.
Dolmen City REIT (DCR -0.66 per cent) in the same period reported an extension of rental income from Rs 2.53 billion to Rs 2.84 billion. The board approved of earnings per share of Rs 1.70 along with a cash dividend of Rs 1.15.
