LAHORE: The Pakistan Stock Exchange (PSX) put up a confused show on Wednesday. Indices swayed in both directions but managed to close the day slightly in green. The indices started the day on a positive note but soon they changed their course and moved in the opposite direction.
According to data compiled by the National Clearing Company of Pakistan (NCCPL), Foreign investors were net sellers for the month of July with a net outflow of 63.70 million. The commercial bank sector and oil and exploration sector saw the highest sell-off.
The KSE 100 index was up by 97.61 points and settled the session at 42,810.04. The KMI 30 index managed to gather 501.78 points and settled at 72,842.92. The KSE All share index ended the session high by 0.47 per cent and was recorded at 31,054.44.
The market volume saw a minor increase of 1.34 per cent from the last session and was recorded at 278.23 million. The top three volume leaders included D.S. Industries Limited (DSIL +9.97 per cent) volume of 43.17 million, Pakistan International Airlines Corporation Limited (PIAA +8.51 per cent) volume 14.15 million and Engro Polymer and Chemicals Limited (EPCL +2.36 per cent) with 12.89 million shares exchanged.
Big player of the banking sector, MCB Bank Limited (MCB -0.99 per cent) announced its results for 2QFY18. The bank announced a cash dividend of Rs4.00 per share. Its Profit After Taxation was down by 34 per cent from the same quarter last year. While its earnings per share declined by 38 per cent YoY. The administrative expenses jumped up by 24 per cent YoY due to the merger of operations with NIB Bank Limited.
Al-Ghazi Tractors Limited (AGTL +0.43 per cent) also announced its financial performance. The company’s earnings per share increased from Rs 11.64 to Rs 12.39 from the same period last year. While its sales surged up by 24 per cent YoY.
Aisha Steel Mills Limited (ASL -0.54 per cent) declared results for its year ended 30th June 2018. The company reported earnings per share of Rs 1.57 compared Rs 1.74 last year.
