Market Daily: PSX off to a positive start as market gains 157 points

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LAHORE: The Pakistan Stock Exchange (PSX) started the week on a positive note. The indices moved uphill from the word go and ended in green.  Foreign investors ended the session on Friday with a net outflow of $14.35 million where the oil and gas exploration sector felt the major hit.

Overlooking concerns on the macroeconomic front, depicted by a ballooning Current Account Deficit (CAD) which clocked in at US$2.2 billion in July 2018 last week, Pakistan equities managed to close +157 points in today’s trading session.

The tobacco sector managed to clinch a massive 4.56 per cent in its cumulative market capitalization. Pakistan Tobacco Company Limited (PAKT) was up by 4.47 per cent. While Philip Morris Pakistan Limited (PMPK +4.90 per cent) nearly touched its circuit breaker.

The market volume improved from the previous session (up by 88 per cent) and was recorded at 217.59 million. Engro Polymer and Chemicals Limited (EPCL +3.65 per cent) was the volume leader of the day with 20.30 million shares exchanged. The company announced approval of the expansion of its PVC capacity by entering in a contract with Tianchen Corp China (TCC) for an integrated manufacturing facility with an annual capacity of 100,000 MT per year.

Followed by Siddiqsons Tin Plate Limited (STPL +5.13 per cent) and TRG Pakistan Limited (TRG +1.42 per cent). The scripts had 17.81 million and 11.78 million shares traded respectively.

Fauji Cement Company Limited (FCCL +1.55 per cent) announced its financial performance for the Year Ended 30th June 2018. The company declared a final cash dividend of Rs 1.00 per share in addition to an interim dividend of the same amount. Sales were up by 4 per cent from the previous year. While the earning per share appreciated by 32 per cent YoY mainly driven by the 31 per cent YoY decrease in tax expenses.

Packages Limited (PKGS -3.35 per cent) also released its financial result for the 2QFY18. Sales were up by 22 per cent YoY. Whereas, the earning per share declined by 7 per cent YoY from Rs 17.57 in the same period of the previous year to Rs 16.39 in the current year.

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