—The coming session is likely to bring in financial results from COLG, FFBL, ABOT and more. Investors expected to follow news from the NAB hearing also.
LAHORE: The benchmark KSE 100 ended the session flat, market volumes were thin again with only 49 million shares traded in the KSE 100 index companies. It swung from its intraday low to high within the last trading hour. The index which was seen bleeding all day long hit its intraday high just moments before the bell. The lacklustre session saw a surge in volumes during this period.
While DGKC posted an 11 per cent decline in profit before taxation to Rs 2.47 billion compared to same period last year but tax benefit of Rs 364 million helped boost earnings per share to Rs 6.48.
On the economic front, the market opened with details of revised duties on imported items. The government in an attempt to curb the jump in import bill has issued new duty rates for over 700 items. On the political front, the National Accountability Bureau is scheduled to hear cases against the ousted Prime Minister and his family tomorrow.
The KSE 100 index depreciated 500.76 points and fell to its intraday low of 40,224.20 and recovered from there to intraday high of 40,872.48, the rise of 147.52 points from the previous close. Cement sector put up an impressive show and pulled the KMI 30 index up from a negative 900.13 points to settle up 287.73 points. The KSE All Share Index depleted by 74.94 points with 112 advancers and 211 decliners.
Volumes remained scarce all day long declined 17 per cent day-on-day basis to 138.11 million. Engro Polymer and Chemicals Limited (EPCL +4.82 per cent) was top traded with 21.29 million shares exchanged. The company declared financials for the third quarter ended September 30, 2017, and stroked its upper cap intraday. It posted a sales growth of 18 per cent to Rs 7.34 billion which resulted in net profit of Rs 0.90 billion. Earnings per share stood at Rs 1.36 against previous year’s loss of Rs 0.01 per share. D.G. Khan Cement Company Limited (DGKC +3.45
D.G. Khan Cement Company Limited (DGKC +3.45 per cent) posted stagnant growth in sales in the first quarter of 2018. The Rs 7.53 billion sales are up only 0.32 per cent compared to the last quarter but a 14 per cent jump since the same period last year. It posted a 49 per cent increased earnings per share of Rs 49 per cent.
Ferozsons Laboratories Limited (FEROZ -3.69 per cent) reported a 22 per cent YoY contraction in sales to Rs 905 million which pulled earnings per share down by 70 per cent YoY to Rs 2.01.
Among others who announced results were Shell Pakistan Limited (SHEL -3.96 per cent), EPS of Rs 7.16 lower by 19 per cent QoQ and 37 per cent YoY. Century Paper and Board Mills Limited (CEPB -1.98 per cent) announced an interim cash dividend of Rs 1.50 per share with earnings per share of Rs 0.92.
