LAHORE
Investors finally saw some green on their trade screen after the market rebounded to close with gains. After a dip in the afternoon, the benchmark KSE 100 index bounced back from the trough of 43,781.57 to the peak of 44,332.51. The 287.51 points close though was 0.65 per cent only but nevertheless some relief for investors.
The KMI 30 index surged by 296.27 points to 74,521.74 and the KSE All Share Index gathered 137.07 points. A total of 193 scripts advanced while 149 declined.
The market volumes slid lower down to 187.25 million. The technology and communications sector staged the best performance and added 2.50 per cent to its market capitalisation. Both Avanceon Limited (AVN +4.99 per cent) and NetSol Technologies Limited (NETSOL +4.99 per cent) landed at its upper circuit breaker price.
Pakistan International Container Terminal Limited (PICT -2.52 per cent) declared financials for the second quarter ended June 30, 2017. With 8.25 per cent quarter-on-quarter fall sales hit Rs 2.34 billion which converted into a net profit of Rs 6.18 million. Earnings per share clocked at Rs 5.66. The board also approved an interim cash dividend of Rs 7.50.
Shell Pakistan Limited (SHEL +0.04 per cent) also registered negative growth in the quarter. Sales were lower by 3.69 per cent compared to the previous quarter and were reported at Rs 47.12 billion. This was a 1 per cent year-on-year fall. Earnings per share depreciated by 32 per cent from the last quarter and 57 per cent from Rs 20.48 reported in the same period last year. A cash dividend of Rs 7 per share was approved by the board.
The Bank of Punjab (BOP +0.76 per cent) extended markup earned by 11 per cent since 2QFY16 to Rs 8.36 billion. This is a 9 per cent QoQ rise. The bank posted a 52 per cent YoY lower per share earnings of Rs 0.40. This is a downfall of 60 per cent compared to the 1QFY17.
