LAHORE
The Pakistan Stock Exchange (PSX) attracted investors’ attention on Wednesday as volumes crawled up further.
The benchmark KSE 100 index touched a peak of 43,435.92 with a 182.66 points gain and a trough of 43,145.83 down 107.43 points.
It settled 93.77 points higher at 43,347.03.
The KMI 30 index gathered 86.74 points while the KSE All Share Index swelled 57.08 points.
The market volumes inched up to 222.99 million from yesterday’s 218.57 million. Mid-tier stocks led the volume charts with Worldcall Telecom (WTL -10.13 per cent) was top traded, volume 26.47 million, followed by TRG Pakistan Limited (TRG +0.52 per cent), volume 24.39 million. Handsome volumes were observed in Dost Steels Limited (DSL -4.16 per cent) after the company notified the exchange on status of the energization process of the plant. The management expects commercial operations to begin by end of November 2017.
Fauji Cement Company Limited (FCCL +1.24 per cent) could rise sales by a minor 2 per cent with declining exports. Gross margins saw a massive fall from 46 per cent to 22 per cent depicting a rise in the cost of sales. Operating profit margins came down from 42 per cent to 19 per cent. The company reported insurance claims worth Rs 3.06 million. Net profits took a 51 per cent hit to Rs 2.61 billion from Rs 5.37 billion and converted into earnings per share of Rs 1.89. A cash dividend of Rs 0.90 per share accompanied the financials.
Ghandhara Nissan Limited (GHNL -4.90 per cent) announced a 3 per cent drop in sales for FY17 bring gross profit margins to 19 per cent from 22 per cent. Operating profit margin for the year was 15 per cent lower from 17 per cent in FY16. Net profit declining 25 per cent to Rs 4.10 million from Rs 5.46 million. Earnings per share clocked at Rs 9.11 with a cash dividend of Rs 5.00 per share.
Ghandhara Industries Limited (GHNI -2.78 per cent) managed an 84 per cent surge in sales to Rs 10.74 billion but gross profit margins deteriorated. Gross profit margin was lower from 27 per cent to 21 per cent and increased distribution cost brought operating profit margins down to 16 per cent. Net profits rose only 7 per cent to Rs 7.96 million and converted into per share earnings of Rs 37.36. The board also approved a cash dividend of Rs 15 per share.
