Market Daily: KSE 100 takes a dip after an extended rally

LAHORE: The Pakistan Stock Exchange (PSX) had another shaky session but this time it did not end right. The indices after a decent beginning to the session went downhill and closed in the red. The benchmark KSE 100 index struck its intraday high of 45,179 points with 115.79 points rise within the first session after the open. It then dropped 333.40 points to intraday low of 44,729.81, settling lower by 246.50 points at 44,816.71.

The KMI 30 index depreciated by 490.76 points to 75,734.14 meanwhile the KSE All Share Index toppled 111.38 points to close at 32,138.89. The advancers to decliners ratio stood at 154 to 182.

The market volumes cut down from 339.67 million of the previous session to 245.73 million. Dost Steels Limited (DSL +5.45 per cent) dominated the volume chart with 24.77 million shares exchanged on the table. The Bank of Punjab (BOP +2.82 per cent) followed with 17.51 million shares traded in the session and K-Electric Limited (KEL +3.20 per cent), volume 13.94 million, was next.

The Synthetic and Rayon sector was top performer which added 3.36 per cent to its market capitalisation. The Pharmaceutical sector rallied to top up of its market cap with 2.73 per cent.

Matco Foods Limited announced the closing of the book-building process of its initial public offering (IPO) making it the first IPO of the year 2018 which came from a local agri-business.

A total offer of 30.42 million shares was made against the offer size of 29.14 million ordinary shares, at a strike price of Rs 26.00 per share. The gross proceeds to the company from the IPO amounted to Rs 757 million before deducting underwriting discounts, commissions and offering expenses.

International Industries Limited (INIL -0.86 per cent) declared increased sales of 25.49 per cent in the second quarter of 2018 compared to the previous one. Meanwhile, earnings per share clocked at Rs 2.64.

Fauji Foods Limited (FFL -3.73 per cent) declared a loss for the second consecutive year, at Rs 9.22 per share in the year 2017 compared to Rs 8.75 per share last year.

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