LAHORE: It wasn’t an ideal start to the week, but investors didn’t look surprised. Long hanging uncertainty over the country’s economic situation has shaken investor confidence in the equities market. Certain developments on the political front including the termination of $300 million in aid from the United States over the weekend also had a detrimental effect.
The KSE 100 lost 550.20 points and touched intraday low at 41,192.04. The index settled lower by 160.28 points at 41,581.96. The KMI 30 index depleted by 218.90 points and ended at 70,598.52. While the KSE All Share Index depreciated by 120.28 points and settled at 30,533.55.
Amongst the best performing sector was the tobacco sector. It managed to push up its cumulative market capitalisation by 4.18 per cent. Pakistan Tobacco Company Limited (PAKT) was up by 4.08 per cent while Philip Morris Pakistan Limited (PMPK) appreciated by 4.51 per cent.
The market volume was recorded at 159.21 million. K-Electric Limited (KEL +4.52 per cent), the volume leader, had 16.73 million shares traded followed by Agritech Limited (AGL +9.47 per cent), volume 14.45 million shares and Worldcall Telecom (WTL -5.21), volume 8.02 million shares.
Worldcall Telecom (WTL -5.21 per cent) released its financial results for the 2QFY18. Sales surged up by 122.85 per cent QoQ. The company’s earning per share declined from Rs 8.23 in the previous year to Rs 0.20 per share (a decline of 98 per cent YoY). The company’s cost of sales swelled 78 per cent YoY which resulted in the decrease of gross profit (89 per cent YoY).
Ghani Gases Limited (GGL -2.37 per cent) declared its financial results for the Year Ended 30th June 2018. The board approved a final bonus shares issue of 5 per cent. The company’s sales appreciated by 14 per cent YoY but gross margins remained stagnant at around 31 per cent. Other income declined by 20 per cent which along with 28 per cent appreciated finance cost resulted in a profit before tax margin of 7.75 per cent, down from 10.04 per cent in FY17. A massive reduction in taxation, around 98 per cent, helped GGL report per-share earnings of Rs 1.19 against Rs 1.04 last year.
