Market Daily: Bears dominate end of week as PSX loses 129.60 points

LAHORE: Pakistan Stock Exchange (PSX) managed to end the week in red as bears dominated the session on Friday.

As per reports of State Bank of Pakistan (SBP), the country’s reserves declined to $9.624 billion for the week ended September 7, 2018, as compared with $9.885 billion. Foreign investors were net sellers again on Thursday with a net outflow $8.25 million.

The KSE 100 index initially touched intraday high at 41,227.46. It then switched its direction to touch intraday low at 40,81113. The index settled lower by 129.60 points to end at 40,920.31. The KMI 30 index fell short by 226.87 points to settle at 69,504.07. Whereas, the KSE All Share Index depreciated by 72.47 points to end the session at 29,965.82.

The market volumes increased by 5 per cent on day to day basis to 156.39 million. Lotte Chemical Pakistan Limited (LOTCHEM +7.44 per cent) was volume leader for the day with 16.79 million shares exchanged. Followed by Maple Leaf Cement Factory Limited (MLCF -3.68 per cent) and Unity Foods Limited (UNITY -4.85 per cent). The scripts had 12.79 million and 12.60 million shares traded.

Article continues after this advertisement

Even though the market trend was negative, the cement sector managed to end last day of the week with a slight gain of 0.42 per cent towards its cumulative market capitalization. Big players Lucky Cement Limited (LUCK +1.31 per cent), D. G. Khan Cement Company Limited (DGKC +0.86 per cent) ended with minor gains. On the other hand, Maple Leaf Cement Factory Limited (MLCF) was down by 3.68 per cent, Bestway Cement Limited (BWCL) by 1.55 per cent and Fauji Cement Company Limited (FCCL) by 0.21 per cent.

Kohinoor Mills Limited (KML +0.21 per cent) declared its financial performance for FY18 along with final cash dividend of Rs 1.20 per share. Sales were up by a slight 2 per cent YoY while the earning per share surged up from Rs 4.70 to Rs 2.63 (an increase of 79 per cent YoY).

Orix Leasing Pakistan Limited (OLPL) also announced its financial results for the Year Ended 30th June 2018. The company’s net revenue appreciated by 2 per cent YoY. Whereas, the earning per share improved by 9 per cent YoY (FY17 Rs 9.20, FY18 Rs 10.05).

- Advertisement -
- Advertisement -

Must Read

APTMA opposes import of Indian cotton

KARACHI: The All Pakistan Textile Mills Association (APTMA) has strongly rejected the government's plan, if any, to import cotton yarn from India. In a statement...