LAHORE: It was another dull day with low market participation. Indices swayed in both directions in the morning, but late selling forced indices to close in the red.
The absence of any positive triggers and prevailing economic uncertainty due to lack of any concrete roadmap to deal with the country’s economic situation kept market sentiments negative. The stock market remained range bound with intra‐day low of 42,516 and intra‐day high of 42,843. As investors remained skeptical to take fresh positions, the KSE 100 depleted 229.43 points to an intraday low of 42,516.35. The session ended lower by 201.31 points at 42,544.47. The KMI 30 index fell short by 468.38 points at 72,798.74. Whereas, the KSE All Share Index lost 218.29 points and settled at 30,757.23. The advancers-to-decliners ratio stood at 108 to 217.
The market volume depreciated by 16 per cent from the previous session and was recorded at 183.67 million. Agritech Limited (AGL +7.95 per cent) led the volume chart on Tuesday with a volume of 14.23 million shares exchanged. Siddiqsons Tin Plate Limited (STPL -0.88 per cent) and Nimir Resins Limited (NRSL -5.07 per cent) also managed to secure position amongst the leaders with 13.80 million and 9.51 million shares traded respectively.
The cement sector lost 1.17 per cent from its cumulative market capitalization. Fauji Cement Company Limited (FCCL) declined by 2.32 per cent while Bestway Cement Limited (BWCL) depreciated by 2.41 per cent. Big players D. G. Khan Cement Company Limited (DGKC -0.77 per cent) and Lucky Cement Limited (LUCK -0.70 per cent) ended with negligible loss.
Indus Motor Company Limited (INDU +0.13 per cent) declared its financial results FY18. The company declared final cash dividend of Rs45 per share in addition to an interim cash dividend of Rs95 per share. Sales saw an increase of 25 per cent YoY. While the earning per share appreciated from Rs165.41 in the previous year to Rs200.66.
Dawood Hercules Corporation Limited (DAWH -4.73 per cent) released its financial performance for 2QFY18. An interim dividend of Rs3.00 per share was declared by the company. The company’s revenue declined by 38 per cent YoY. While the earning per share declined from Rs1.95 in the previous year to Rs0.86 for the current year (decline of 56 per cent YoY).
Fatima Fertilizer Company Limited (FATIMA +0.89 per cent) announced its financial result of the second quarter for the period ended June 30,2018. Sales surged up by 19 per cent YoY. Whereas the earnings per share spiked up by 71 per cent YoY (FY17 Rs0.96, FY18 Rs1.64).
JS Bank (JSBL) announced its 2Q2018 results posting consolidated earnings per share (EPS) of Rs0.26 up 7.90x times YoY vs. EPS of Rs0.032 in the similar period last year. Better earnings are a result of 1) increased mark‐up earned, up by 55 per cent YoY, 2) improved non‐markup interest income, up 19 per cent YoY and 3) Rs3.7 million unrealised gain on revaluation of investments held for trading compared to a loss of Rs515.5mn in the similar period last year.
Standard Chartered Bank (SCBPL) posted its 2Q2018 result with EPS of Rs0.64 up 4.2 per cent YoY vs. EPS of Rs0.61 in the similar period last year. The company also announced an interim cash dividend of Rs0.75 per share.
Systems Limited (SYS) disclosed its 2Q2018 result disclosing diluted consolidated EPS of Rs2.02 up 62 per cent YoY. Sales increased by 41.8 per cent YoY, while margins declined by 3ppts YoY to 26.4 per cent. Significant increase in other income by 3.44x times YoY pulled up the earnings for the company in the out‐going quarter.
Sanofi-Aventis Pakistan (SAPL) posted 2Q2018 results with EPS of Rs34.8 up 11.4 per cent YoY vs. EPS of Rs31.2 in the same period last year. Although, gross margins for the company declined by 4.4ppts YoY to 32.8 per cent and sales declined by 3.9 per cent YoY, however decline in distribution and marketing costs by 11 per cent YoY and decline in finance cost by 80 per cent YoY helped SAPL to improve its earnings in 2Q2018.
