LAHORE
The Pakistan Stock Exchange (PSX) took another turn on Thursday with a fresh wave of turbulence in domestic politics. As political temperatures rose, market participation dropped and the benchmark KSE 100 index fell below the 43,000 level. The index shed 571.99 points during the session at 42,775.04. The KMI 30 index lost 945.18 points while the KSE All Share Index came down by 328.22 points. Only 94 scripts managed to rise while 253 declined.
The market volumes plunged from 222.99 million to 165.71 million. K-Electric Limited (KEL +1.46 per cent) led the volume chart with 12.53 million shares exchanged followed by Sui Southern Gas Company Limited (SSGC -0.18 per cent), volume 11.23 million. Technology and communications sector were highest traded with cumulative volume of 18.86 million.
Majority sectors closed in red, commercial bank sector chopped 1.74 per cent of its market capitalization, cement sector’s capitalization lost 1.19 per cent and the fertilizer sector lost 1.72 per cent.
The General Tyre and Rubber Company of Pakistan Limited (GTYR -3.60 per cent) reported flat sales of Rs 9.65 billion for the year ended June 30, 2017. Gross profit margins of the company reduced from 25 per cent to 21 per cent and operating profit margin was down to 14 per cent. Net profit depreciated 15 per cent to Rs 8.81 million. Earnings per share clocked at Rs 14.75 against Rs 17.27 of the previous year.
Nishat Power Limited (NPL +0.13 per cent) increased sales by 8 per cent to Rs 15.04 billion. Gross profit margins remained flat at 26 per cent while operating profit margin inched lower from 27 per cent to 24 per cent. Profit after taxation rose 1 per cent to Rs 2.89 billion with per share earnings of Rs 8.15.
