The participants of the daily business at the capital market were not at all dismayed by the political crunch as the index marched towards success. It seems like the previous alleys of darkness which overshadowed the stock exchange during the last week, have been brightened up by a beacon of light.
It was a sigh of relief for the overall economic condition of the country as the investors at the Pakistan Stock Exchange (PSX) welcomed the relief rally at the Pakistan Stock Exchange (PSX).
Asia’s top performing stock market of 2017, has dropped over 10,000 points since achieving its peak of 53,127 in late May. The rise was led by the oil sector after the price of Brent oil was at $ 54.12, up from $ 53.74, and US WTI crude was at $ 48.18, from $ 47.99. Volumes also gained momentum in the second half hour of the session.
The benchmark KSE 100 index rallied 2.52 per cent intraday to touch 42,346.23 and settled with a massive 1,030.82 points appreciation at 42,310.12.
The KMI 30 index jumped 2,107.55 points and the KSE All Share Index gained 632.98 points. Only 87 scripts declined while 252 advanced.
The market volumes jumped up to 173.81 million a 74 per cent day-on-day increase from previous sessions 99.68 million. Azgard Nine Limited (ANL -1.62 per cent) led the volume table as 22.08 million shares were exchanged in the script. TRG Pakistan Limited (TRG +3.39 per cent), volume 11.09 million, and The Bank of Punjab (BOP +0.81 per cent), volume 8.97 million, were next.
The Oil and Gas Exploration Sector was top gainer and added 4.17 per cent to its market capitalisation during the session. Mari Petroleum Company Limited (MARI +5.00 per cent) hit the upper circuit breaker, index giant Oil and Gas Development Company Limited (OGDC) was higher by 4.83 per cent, Pakistan Oilfields Limited (POL) and Pak Petroleum Limited (PPL) were up 3.91 per cent and 2.62 per cent respectively.
Kohinoor Mills Limited (KML +1.47 per cent)
The company announced financials for the year ended June 30, 2017. Sales grew by 25 per cent to Rs 11 billion during the period but gross profit margins fell to 14 per cent from 16 per cent. Operating profit margin was also lower from 8 per cent to 5 per cent. Net profit increased 13 per cent to Rs 1.34 million converting into per share earnings of Rs 2.63.
During the last five years, the company has posted a decline in earnings per share from Rs 19.81 to Rs 2.63. But the share price has expanded 193 per cent at the same time.
Maple Leaf Cement Factory Limited (MLCF +0.86 per cent)
The company posted a rise of 2 per cent in sales to Rs 24 billion in FY17 and an equal fall in net profit to Rs 4.78 billion. Gross profit margins deteriorated to 40 per cent from 42 per cent, operating profit margin from 32 per cent to 30 per cent. The board also approved an investment of Rs 1,000 million in Kohinoor Textile Mills Limited (KTML -3.05 per cent) to meet its working capital requirements.
Hascol Petroleum Limited (HASCOL +4.92 per cent) near to the close of the session announced approval by the board for the issue of right shares. The shares shall be issued in the proportion of 20 for every 100 held at a price of Rs 165 per share. The stock hit the upper cap following the news.