LAHORE: The Pakistan Stock Exchange (PSX) witnessed a turbulent session on Tuesday after four days in the green. An international media agency reported termed the appreciation in currency as temporary triggered by the Chinese loan. On the political front, the number game continued.
The KSE 100 index was down 1.94 per cent and settled the day at 42,712.43. While KMI 30 index lost 1,386.95 points and was recorded at 72,341.14. The KSE All share index declined 1.26 per cent and ended at 30,908.46. The market volume declined by 27 per cent from the last session and was recorded at 274.54. Worldcall Telecom (WTL +4.74 per cent), Fauji Cement Company Limited (FCCL -4.34 per cent) and D.S. Industries Limited (DSIL +3.79 per cent) were the top volume leaders for the day. The scripts had 19.17 million, 17.09 million and 16.66 million shares exchanged respectively.
Fauji Fertilizer Bin Qasim Limited (FFBL +4.49 per cent) announced its financial performance for the 2QFY18. The company’s sales appreciated by 37 per cent from the same period last year. The company reported a 21 per cent QoQ increase in loss per share to Rs 0.58. Lower other income contributed to the decline.
Fauji Fertilizer Company Limited (FFC -1.57 per cent) also declared its results for the second quarter. The company’s sales were up by 20 per cent YoY while it’s EPS increased by 51 per cent. A major contributor to the increase is the 42 per cent reduced finance cost.
The cement giant, Lucky Cement Limited (LUCK -4.42 per cent), reveled financials for 2018. Net sales of the Company expanded a minor 4 per centYoY though dispatches were up 9 per cent. Higher coal and furnace oil prices pushed cost of sales higher by 25 per cent YoY resulting in a fall in gross profit margin from 47 per cent to 36 per cent. Earnings per share were recorded at Rs 37.72 lower than Rs 42.34 in FY17. The board also approved a final cash dividend of Rs 8.00 per share in addition to interim dividend of Rs 5.00 per share.
On market related news, Fauji Foods Limited (FFL +5.00 per cent) made an announcement that a Chinese company (Inner Mongolia Yili Industrial Group) has shown interest for starting negotiations with Fauji Fertilizer Bin Qasim Limited (FFBL +4.49 per cent), holding company, for acquiring 51 per cent voting shares in the company.
