Weak economic outlook keeps PSX investors at bay  

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Index makes a slight gain of 31.75 points following a volatile session

The jittery ride for investors continued at the Pakistan Stock Exchange (PSX) on Tuesday where the indices oscillated in both directions but managed to end the day with slight gains.

As per the latest data released by the State Bank of Pakistan on Monday, foreign reserves of the country declined by 3.07 per cent to $9.33 billion, keeping the investors at bay.

The market opened positive and the KSE 100 index gathered 188.63 points to touch intraday high at 41,193.18. The index then moved in both directions and touched intraday low of 40,957.32 after losing 47.23 points in the second half of the session. It finally settled with slight gain of 31.75 points to end at 41,036.30. The KMI 30 index appreciated by 391.54 points to settle at 69,869.15, while the KSE All Share index lost 81.49 points to close at 29,856.42. The trading volume increased from 98.62 million in the preceding session to 101.66 million.

Unity Foods Limited (UNITY +0.76 per cent) was the volume leader with 9.41 million shares exchanging hands, followed by Aisha Steel Mills Limited (ASL -2.26 per cent) and TRG Pakistan Limited (TRG -2.10 per cent) with 6.34 million and 5.44 million respectively.

Berger Paints Pakistan Limited (BERG -4.99 per cent) declared its financial performance for Financial Year 2018 (FY18) and dropped to its lower circuit breaker. The company declared a final cash dividend of Rs 1.25 per share in addition to 12.5 per cent bonus shares. Sales were up by 6.45 per cent YoY while the earning per share declined from Rs 11.11 in the previous year to Rs 5.61 in the current year. The company’s cost of sales increased by 14 per cent YoY which resulted in a decrease in gross profit of 12 per cent YoY.

Gillette Pakistan Limited (GLPL 0 per cent) released its financial results for the year ending 30th June 2018. Sales depreciated by 0.32 per cent YoY. The company came out with earnings per share of Rs 0.23 as compared to the loss per share of Rs 10.08 in the previous year.

Ferozsons Laboratories Limited (FEROZ -3.41 per cent) also announced its results for FY18. Sales were up by a minor 3 per cent YoY whereas the earning per share declined by 76 per cent YoY (FY17 Rs 13.04, FY18 Rs 3.16). The company declared a final cash dividend of Rs 2.00 per share.

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