LAHORE
Wednesday also failed to change fortunes for investors at the Pakistan Stock Exchange (PSX). Market participation as per recent trend was low and those present preferred to book profits in all sectors. The oil and gas exploration sector took a 1.12 per cent hit on its market capitalisation, cement sector’s capitalisation depreciated 1.08 per cent and chemical sector was down 1.14 per cent.
The KSE 100 index dipped to an intraday low of 42,101.68 with a loss of 564.55 points and settled lower by 376.08 points at 42,290.15.
The KMI 30 index plunged 877.95 points and the KSE All Share index was declined 257.22 points. The advancer to decliners ratio stood at 99 to 241.
K-Electric Limited (KEL -2.74 per cent) led the volume chart again with 13.67 million shares traded. Worldcall Telecom Limited (WTL +1.72 per cent) followed with 13.14 million shares exchanged. Total volumes in the market hit 146.79 million with 67.99 million shares relating to scripts of the KSE 100 index.
Fecto Cement Limited (FECTC -4.99 per cent) sunk to its lower circuit breaker price after the announcement of FY17 results. Company sales inched up by a minor 2 per cent to Rs 5.13 billion but gross profit margins deteriorated to 30 per cent from 32 per cent. Operating profit margin reduced from 23 per cent to 21 per cent and profit after taxation was recorded at Rs 7.61 million. Earnings per share clocked at Rs 15.17 with a cash dividend of Rs 2.50.
Gharibwal Cement Limited (GWLC -1.33 per cent) demonstrated a similar story. The company increased sales by 7 per cent to Rs 11.22 billion but gross profit margins fell from 40 per cent to 34 per cent. Operating profit margin cut down from 38 per cent to 30 per cent. Net profit of Rs 2.28 billion was a 15 per cent fall from the previous year. Earnings per share stood at Rs 5.71.
Pioneer Cement Limited (PIOC -0.09 per cent) improved revenue by 14 per cent to Rs 10.63 billion, net profit by 16 per cent to Rs 2.92 million. Earnings per share was reported at Rs 12.84 and dividend per share of Rs 5.50 was approved during the year.
