Market Daily: KSE 100 slips below 43,000

LAHORE: The Pakistan Stock Exchange (PSX) had another rough trading session where the indices shed gains and investors lost profits. Foreign investors continued to offload with a net sell of $5.67 million in the first four sessions of the week. Most sell-off was seen in the commercial bank sector, $2.51 million. Amongst local investors, insurance companies and individuals together supported the market, net buyers of $4.76 million and $4.57 million respectively.

The KSE 100 index depreciated to 43,011.26 with a loss of 61.48 points. The KMI 30 index settled lower by 13.24 at 72,977.15 while the KSE All Share Index laid off 6.71 points. The market volumes remained thin at 139.50.

Pakistan Petroleum Limited (PPL +1.50 per cent) in a notice sent to Pakistan Stock Exchange (PSX) during the trading session here on Friday announced the discovery of hydrocarbons at Adhi South X-1 in Adhi Mining Lease. Adhi South X-1 well was tested for hydrocarbon potential of Khewra sandstone formation.

At a choke size of 32/64″, the well flowed 2.62mmcfd of gas and 1,550bpd of oil, translating into total discovery size of ~2000 barrels of oil equivalent per day. Oil and Gas Development Company (OGDC), Pakistan Oilfields Limited (POL) and PPL have working interest of 50 per cent, 11 per cent and 39 per cent respectively in the field.

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Standard Chartered Bank (Pakistan) Limited (SCBPL +2.13 per cent) declared financials for the year ended December 31, 2017. The bank posted a markup earned of Rs26.80 billion which is a decline of 5.62 per cent compared to that in the last year.

Gross spread was lower from 68 per cent to 64 per cent and profit after taxation stood at Rs8.25 billion. Earnings per share clocked at Rs2.13 against Rs2.48 of FY16. A final cash dividend of Rs1.00 per share was declared in addition to the interim dividend of Rs0.75 per share.

AGP Limited (AGP -3.17 per cent), the second IPO of the year, commenced trading on Monday at Rs80.00. The stock was received well by investors and hit several upper locks to end the week at Rs94.16.

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