LAHORE
The steady recovery of the Pakistan Stock Exchange (PSX) continued on Thursday whereby volumes frog leapt, again. Though benchmark indices traded within a narrow band, but the KSE 100 index posting a close above the 47,000 level, was pleasing for investors.
The index is on its way back from below 44,000 having fallen from 53,127. The stable looking political outlook remains one of the top reasons for the rise; the optimistic future outlook on the economy, being amongst the other factors.
The KSE 100 index appreciated 455.84 points intraday to reach 46,989.27, slightly short of 47,000 level. Contributing 42 per cent to the total volumes for the day, the index landed with an appreciation of 415.61 points at 46,949.04.
The KMI 30 index jumped another 444.66 points while the KSE All Share Index added 232.64 points. The advancer to decliner’s ratio stood at 262 to 108.
The market volumes improved 24 per cent day-on-day basis to hit 455.27 million. K-Electric Limited (KEL +7.65 per cent) fetched top interest from investors who exchanged 44.67 million shares of the script. The Bank of Punjab (BOP +4.84 per cent) attracted volumes of 43.23 million while Azgard Nine Limited (ANL +6.70 per cent) hit the upper circuit breaker price with 33.54 million shares traded.
Technology and communications sector were top attraction for investors and its volume clocked at 63.49 million. The sectors added 1.78 per cent to its market capitalization. Hum Network Limited (HUMNL +5.86 per cent) led the sector with 23.54 million as volume and Worldcall Telecom Limited (WTL +11.38 per cent) was the top gainer.
Commercial banks reported the volume of 59.86 million. The sector was dominated by low and mid-market cap banks. The Bank of Punjab (BOP +4.84 per cent) inflated the most followed by Summit Bank Limited (SMBL +4.41 per cent) and Silk Bank Limited (SILK +3.77 per cent).
Gadoon Textile Mills Limited (GADT +1.52 per cent) declared results for 2017. With 9.30 per cent extension in sales, better gross profit margins, (FY16 – 3.41 per cent, FY17- 5.75 per cent) and higher share from associates the company converted loss per share of Rs 9.77 into earnings per share of Rs 28.79. The board also approved a cash dividend of Rs 5.00.
Engro Fertilizer Limited (EFERT -0.73 per cent) is scheduled to announce financial results for the period ended June 30, 2017, on Friday. The company reported per share earnings of Rs 1.24 in the last quarter lower than Rs 1.59 in the same period last year. Earnings in the second quarter of 2016 clocked at Rs 0.51.
