LAHORE
Another rough day for investors at the Pakistan Stock Exchange was witnessed, where the benchmark indices wiped out all early gains to end the second session flat. Confidence remained low in the market imminent from thin volumes as members of the ruling party remained under hot waters. Except for K-Electric Limited (KEL +9.19 per cent) none of the other scripts managed to fetch volumes in double digits.
The KSE 100 index dropped from intraday high of 42,957.71 to 42,599.64 turning an appreciation of 214.06 points into a loss of 144.01 points. KSE-100 settled 77 points lesser than the previous session.
The KMI 30 index settled with a minor upgrade of 13.90 points while the KSE All Share Index inched higher by 18.92 points. The advancers to decliner ratio stood at 124 to 212.
The market volumes clocked at 145.14 million with K-Electric Limited (KEL 9.19 per cent) leader by miles. A total of 33.81 million shares were traded under the script. Next on the chart was Dolmen City REIT (DCR +0.82 per cent), where 8.21 million shares were exchanged on the table.
Sazgar Engineering Works Limited (SAZEW +5.00 per cent) hit its upper circuit breaker early morning after the declaration of financials for the year ended June 30, 2017. Sales grew by 26 per cent for the rickshaw manufacturer to Rs 3.62 billion but gross profit margin remained flat at 11 per cent. Operating profit margins inched higher from 5 per cent to 6 per cent. Net profit improved 33 per cent to Rs 1.43 million with per share earnings of Rs 7.95. The management approved a cash dividend of Rs 1.25 for the year.
Pakistan International Bulk Terminal Limited (PIBTL -4.78 per cent) reported a decline in net profit from Rs 3.51 million to Rs 2.69 million. In absence of sales, the other income of Rs 1.29 billion contributed towards the profit. Earnings per share clocked at Rs 0.02 for FY17.
Al- Shaheer Corporation Limited (ASC -4.44 per cent) reported a loss of Rs 2.08 million against previous year’s profit of Rs 3.65 million. Sales were down 7 per cent and higher costs pulled operating profit margins to just 1 per cent from 5 per cent. Earnings per share stood at negative Rs 0.15.
