LAHORE: Investors at PSX shared an uncertain fate while KSE 100 slipped 569.61 points to the intraday low of 40,913.93 points. Last minute buying helped the index recover some points before closing 191.86 points down at 41,291.68.
Despite companies declaring profits, the political uncertainty is causing many investors to hesitate. There is next to no activity and investors are getting frustrated, a senior market analyst told Profit. For weeks now the index has barely crossed the 41,000 points psychological barrier and has dipped below the 40,000 points. The index is barely keeping its head above the water, he added.
The KMI 30 index took a hit of another 453.67 points with bloodshed in the cement sector to close at 69,739.72. The KSE All Share lost 110.02 points to end at 29,418.36. Only 119 scripts managed to advance while 203 declined.
Volumes contracted yet again and the total was recorded as 143.39 million. TRG Pakistan Limited (TRG +1.36 per cent) dominated the volume leader with 19.76 million shares exchanged followed by steel peers Aisha Steels Limited (ASL), volume 15.64 million, and Dost Steels Limited (DSL), volume 7.90 million.
The top decliner sector was the glass and ceramics sector which lost 3.66 per cent off its market capitalisation followed by cable and electrical goods were 3.27 per cent tumbled off its 3.27 per cent.
The day saw financial results come in from big names.
Pak Suzuki Motor Company Limited (PSMC -1.68 per cent) announced financials for 9MCY17. The company reported after taxation of Rs 3.10 billion up a massive 65 per cent from Rs 1.90 billion in 9MCY16. Sales were up 13.20 per cent in the third quarter compared to the second. Earnings per share clocked at Rs 13.43 against Rs 5.32 of the same period last year.
Fatima Fertilizer Company Limited (FATIMA -0.42 per cent) announced a quarter-on-quarter contraction in sales of 11.10 per cent in 3QFY17. Net profit was reported at Rs 2.38 billion was 18 per cent higher than last quarter but a 30 per cent decline compared to the 3QFY17. Earnings per share stood at Rs 1.13.
Maple Leaf Cement Factory Limited (MLCF -0.30 per cent) announced its 1QFY18 financial results, where the cement manufacturer posted earnings after tax of Rs 1,049 million, an increase of 45 per cent QoQ, as against Rs 725 million during 4QFY17. Earnings per share were Rs 1.99 against Rs 2.32 in 1QFY17.
