LAHORE: To add to the economic uncertainty came political trouble. As protestors march towards the Federal Capital Islamabad, investors sell at the business hub Karachi. The result was obvious, and the benchmark indices fell further. Even Foreign investors haven’t come to rescue as they continued to offload $ 3.80 million on Wednesday taking total net outflow of one year to $ 293.39 million.
The KSE 100 dropped to 41,659.26 intraday with a loss of 590.18 points and ended lower by 385.92 points at 41,863.52. The KMI 30 index fell short by 888.77 points and ended at 71,129.22. While the KSE All Share Index depreciated 90.91 points to settle at 30,645.11.
The oil and gas exploration sector lost 0.44 per cent in its cumulative market capitalization. Mari Petroleum Company Limited (MARI) declined 0.30 per cent after declaration of its annual results for the Year Ended 30th June, 2018. The company declared final cash dividend of Rs 2.50 per share and bonus share of 10 per cent in addition to interim cash dividend of Rs 3.50 per share. Sales were up by 3 per cent YoY and operating profit margin improved from 42 per cent to 50 per cent. Net profit Margin was up from 32 per cent in FY17 to 38 per cent resulting in earning per share of Rs 139.45.
Bata Pakistan Limited (BATA +0.03 per cent) also announced its financial results for the 2QFY18. Sales appreciated by 71.41 per cent QoQ whereas, earning per share jumped up by 12 per cent YoY. (FY17 Rs 71.64, FY18 Rs 64.11). Even though the company’s distribution cost increased by 12 per cent YoY the company still managed to maintain its profitability.
Akzo Nobel Pakistan Limited (AKZO -3.27 per cent) released its financial performance for the 2QFY18. Sales spiked up by 6 per cent YoY while earning per share declined by 29 per cent YoY from Rs 1.94 to Rs 2.72. The company’s cost of sales increased by 16 per cent from the previous year which resulted in decline of gross profit by 5 per cent YoY.
