Market Daily: Indices shrink as Independence Day fails to excite investors

LAHORE: The KSE 100 touched intraday high of 42857.58 after gaining 15.40 points soon after the session begun. But failed to hold on the gains for long and lost 204.60 points to settle at 42,637.58. The KMI 30 index fell short by 607.24 points. While the KSE All share index depreciated by 123.81 points and ended at 30,821.97.

The market volume was recorded at 163.22 million. Pak Elektron Limited (PAEL -4.98 per cent) was the volume leader on Monday, with 12.62 million shares exchanged. The script was floored for the second consecutive session. Worldcall Telecom (WTL +0.99 per cent) was next with 12.38 million shares traded. Followed by Lotte Chemical Pakistan Limited (LOTCHEM +0.83 per cent) which script had 9.27 million shares exchanged.

The oil and gas marketing sector managed to make a slight gain of 0.69 per cent in its cumulative market capitalization. Pakistan State Oil Company Limited (PSO) appreciated by 4.58 per cent, after the declaration of financials, while Attock Petroleum Limited (APL) was up by 1.26 per cent. Whereas, Sui Northern Gas Pipe Line Limited (SNGP -3.41 per cent), Shell Pakistan Limited (SHEL -0.94 per cent) and Sui Southern Gas Company Limited (SSGC -1.09 per cent) ended the day in red.

Pakistan State Oil Company Limited (PSO +4.58 per cent) released its financial performance for the Year Ended 30th June, 2018. The management approved a final cash dividend of Rs. 5.00 per share along with a bonus issue of 20 per cent. Sales were up by 19 per cent YoY but the earning per share declined by 15 per cent YoY from Rs 55.90 in the previous year to Rs 47.42. The decline was mainly due to high tax rate, reduction in other income and foreign exchange losses.

Unity Foods Limited (UNITY -1.28 per cent) informed all stakeholders regarding launch of its new edible oil under the Brand name “Dastak”. The commercial production is expected to start from September 2018.


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