LAHORE
The Pakistan Stock Exchange (PSX), after a bumpy ride, accumulated gains in late trading. This was not the only good thing about Thursday, market participation which has been a cause of concern in recent sessions, jumped further high.
Foreigners were net buyers on Wednesday, according to the data compiled by the National Clearing Company of Pakistan. Market analysts associated these to the FTSE rebalancing whereby in its semiannual review, five Pakistani companies made the cut for the ex-Japan global market index.
These include MCB Bank Limited (MCB +2.70 per cent), Bank AlFalah Limited (BAFL +2.93 per cent), Millat Tractors Limited (MTL +0.30 per cent), Sui Northern Gas Pipe line Limited (SNGP -0.60 per cent) and Thal Limited (THALL +0.77 per cent).
The KSE 100 index started the day volatile and dropped 138.86 points to intraday low of 42,171.26. Late buying pushed the index up 422.39 points near to session close to day’s peak of 42,732.51. It closed 373.45 points higher at 42,683.57.
The KMI 30 index gathered 550.63 points while the KSE All Share index increased 221.98 points. The advancer to decliners’ ratio stood at 209 to 123.
The market volumes elevated to 217.13 million with Worldcall Telecom Limited (WTL +23.40 per cent) lead by miles, volume 47.97 million. Azgard Nine Limited (ANL +2.17 per cent) followed with 22.94 million shares exchanged as the company came out with clarification and details of reference filed by National Accountability Bureau.
Hascol Petroleum Limited (HASCOL -1.67 per cent) disclosed information regarding the purpose, benefit and use of funds collected through a right issue. The company shall offer 20 per cent of its existing capital at a price of Rs 165 per share. This will include a premium of Rs 155 per share.
The funds will be used to fund upcoming projects including development of storage facilities, retail outlets and lube oil and grease blending plant. The company expects net profit to reach Rs 3.48 billion by end of 2020.
Kohinoor Textile Mills Limited (KTML -0.02 per cent) released financials for the year ended June 30, 2017. Sales swelled up 8 per cent to Rs 17.40 billion with gross profit margins down to 15 per cent from 19 per cent. Operating profit margin was flat at 18 per cent. Net profit bulged 10 per cent to Rs 2.35 billion converting into earnings per share of Rs 8.33 against Rs 7.55 in the previous year.
