LAHORE: The final day of the week saw investors opting out of the market. Indices added on to the losses as the benchmark KSE 100 index broke below the 41,000 points barrier.
The index has now fallen over 13 per cent from its 52-week high and just 8 per cent away from year’s low. Volumes continue to remain thin and foreign investors continue to offload with a net outflow of $8.81 million during the week.
The KSE 100 depreciated by 472.69 points to touch intraday low at 40,793.70 and settled lower by 411.62 points at 40,854.77. The KMI 30 index lost 866.95 points and ended at 68,783.46. While the KSE All Share Index fell short by 310.34 points and settled at 29,978.32.
The market volume declined by 24 per cent day on day basis and was recorded at 120.72 million. Fauji Cement Company Limited (FCCL +1.11 per cent) led the volume chart with a volume of 13.90 million shares. Engro Polymer and Chemicals Limited (EPCL +1.14 per cent) managed to maintain its position amongst the volume leaders after the company announced about entering the hydrogen peroxide business through a greenfield manufacturing facility with a capital expenditure of $23 million. The script had 7.97 million shares exchanged. Followed by Unity Foods Limited (UNITY -4.99 per cent) with 7.29 million shares traded.
Oil and Gas Development Company Limited (OGDC -0.97 per cent) announced its financial performance FY18. The company also declared final dividend of Rs 2.50 per share in addition to interim dividend of Rs 7.50 per share taking full year dividend yield to 6.43 per cent. Sales surged up by 19.50 per cent YoY as crude oil prices in the international markets improved. This along with devaluation of the rupee helped earning per share appreciate by 23 per cent YoY (FY17 Rs14.83, FY18 Rs18.31).
National Foods Limited (NATF -0.37 per cent) also released its financial result FY18. The company announced bonus shares of 20 per cent in addition to cash dividend of Rs3.75 per share. Sales were up by 9.30 per cent YoY whereas, the earning per share declined by 4 per cent YoY from Rs9.51 in the previous year to Rs9.14 in the current year. The company’s distribution cost and administrative expenses increased by 17 per cent YoY and 49 per cent YoY.