LAHORE: Activity was seen in cement, chemical and banks with investors flocking to select names. A positive vibe was also there ahead of oath taking ceremony of Pakistan’s Prime Minister in waiting Imran Khan who has now been officially nominated as a candidate in Pakistan Tehreek-e-Insaf’s (PTI) Parliamentary committee meeting on Monday.
Interest was seen in cement sector as weak Free-on-Board (FOB) Richards Bay coal future price is down by $5 per tonne to $102 per tonne over a week due to a temporary slowdown in China’s appetite. Consequently, the sector contributed 81 points to the index gain.
Apart from cement, banks and fertilizer cumulatively added 124 points to the index gain. ENGRO and DAWH closed up 2.5 per cent and 2.4 per cent respectively while UBL and MCB ended +1.2 per cent and +0.9 per cent, respectively. To note, banking stocks came under pressure last week owing to distressed bank earnings.
Trading volumes and value were down 24 per cent and 29 per cent, respectively in Monday’s session.
Overall, the KSE-100 fell to day’s low of 42,453.88 with the loss of 57.17 points in early trade. It later added 349.27 points and touched intraday high of 42,854.32. The index settled higher by 303.61 points at 42,808.66. The KMI 30 index gained a massive 816.62 points and ended at 73,400.69. While the KSE All-share index was up by 69.72 points.
The total traded volume which was 202.89 million on Friday declined to 153.81 million. Trust Investment Bank (TRIBL +12.03 per cent) was volume leader with 11.08 million shares exchanged. Pak Elektron Limited (PAEL +2.78 per cent) followed by a volume of 9.98 million and Unity Foods Limited (UNITY -0.80 per cent) with 7.94 million shares exchanged on the table.
Feroze 1888 Mills Limited (FML -2.33 per cent) announced its financial results for the year ended June 30, 2018. The company declared a final cash dividend of Rs2.45 per share in addition to interim dividend of Rs1.20 per share. It’s earning per share was recorded at Rs7.30 in the current year and Rs6.61 in the previous year (an increase of 10 per cent YoY).
All Pakistan Cement Manufacturers Association (APCMA) data for the month of July 2018. Cement sales were recorded at 3.56 million tonnes, an appreciated of 19 per cent MoM and 5 per cent YoY after normal working hours resumed after Ramzan and Eid holidays. The figure saw an increase despite the ongoing monsoon season. The cement prices also jumped by Rs5-10 per bag due to the rupee devaluation causing an increase in the cost of production.
Following the announcement, the cement sector was up 2.35 per cent. Market leaders Lucky Cement Limited (LUCK 2.63 per cent), D. G. Khan Cement Company Limited (DGKC 2.81 per cent) and Maple Leaf Cement Factory Limited (MLCF 3.405) appreciated. Bestway Cement Limited (BWCL) and Fauji Cement Company Limited (FCCL) were up by 1.735 and 1.18 per cent respectively. While Attock Cement (Pakistan) Limited (ACPL +5.00 per cent) touched its upper circuit breaker.
