LAHORE
Investors at the Pakistan Stock Exchange (PSX) saw the indices bleed again on Wednesday. After a day’s calm, bears were back at work with a slight improvement in market participation. Habib Bank Limited (HBL -5.00 per cent) continued to dent the market as it dropped to another lower cap.
The benchmark KSE 100 index hit an intraday high of 42,054.07 with a 274.87 points gain but failed to sustain and dropped down to 41,324.61 with a 454.59 points loss. The index settled lower by 389.21 points at 41,389.99.
The KMI 30 index further reduced by 659.69 points to 70,550.79 while the KSE All Share Index dipped 215.61 points.
The market volumes improved from 107.77 million of the last session to 147.82 million. TRG Pakistan Limited (TRG +0.27 per cent) was in the lead as 16.03 million shares were exchanged in the script. JS Bank Limited (JSBL -1.21 per cent) followed with 12.54 million shares traded and Aisha Steel Mills Limited (ASL -2.45 per cent), volume 8.27 million.
The cable and electronics goods sector was top decliner. The sector lost 4.04 per cent of its market capitalisation. The Climax Engineering Company Limited (CECL -5.00 per cent), Pakistan Cables Limited (PCAL -4.81 per cent) and Pak Elektron Limited (PAEL -4.37 per cent) all crumbled to the day’s lowest possible price.
Star sector of the last session, pharmaceutical sector, laid off 1.96 per cent. Only Sanofi-Aventis Pharmaceutical Pakistan Limited (SAPL +4.69 per cent) and IBL HealthCare Limited (IBLHL +0.98 per cent).
Bolan Castings Limited (BCL -4.69 per cent) declared financials for the year ended June 30, 2017. The company reported a 31 per cent growth in sales to Rs 1.74 billion. This pushed gross profit margins up from 11 per cent to 14 per cent. The operating profit margin improved from 5 per cent in FY16 to 9 per cent. Net profit clocked at Rs 97.78 million with per share earnings of Rs 8.52. The board also approved a final cash dividend of Rs 5.00.
