LAHORE
It wasn’t a weekend many would have liked to see, but investors thought 47,000 mark was too high.
Profit taking pulled the benchmark KSE 100 index down below the level to end Friday at 46,877, 206.97 points in the red. Nevertheless, it’s a close to 2 per cent rise from last Friday’s close for the index which collapsed from high of over 53,000 just a couple of months ago.
Volumes remained upbeat during the week, an indication of improving investor’s sentiments.
The KSE 100 index had a volatile first session and a weak second session. It hit an intraday high of 47,241.17 up 156.83 points and later fell 249.35 points down to 46,834.99. The Index closed the week with the depreciation of 206.97 points at 46,877.37.
The KMI 30 index also saw investors realise profits and shed 440.99 points while the KSE All Share Index landed 123.27 points in the red at 33,038.76. The advancers to decliner’s ratio stood at 170 to 202.
The market volumes ticked at 20 million levels. The Bank of Punjab (BOP +0.08 per cent) a clear leader on the volumes chart with 41.96 million shares exchanged. Azgard Nine Limited (ANL +1.95 per cent), next on the chart, was far behind with volume of 25.41 million. Commercial Bank Sector topped the sector volume chart where 41.98 million shares from the cumulative volume of 50.89 million came from The Bank of Punjab (BOP +0.08 per cent).
Earnings for the year ended June 30, 2017, were announced by MCB-Arif Habib Savings And Investments Limited (MCBAH -2.58 per cent) during the session. The company reported management fee of Rs 6.64 million against last year’s Rs 7.04 million. Total Income edged higher from Rs 782 million in FY16 to Rs 808 million. Net profit was reported at Rs 202 million with per share earnings of Rs 2.81 against last year’s Rs 3.32.
It is pertinent to note that this week was among the better ones witnessed by the bourse. In the wake of the Panamagate scandal, the PSX had borne the brunt. As the political uncertainty settled, the PSX breathed fresh air as depicted by the 2 percent rise on points as compared to the last day of the previous week.
