Late gains help PSX close a volatile trading week in green

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KARACHI: After putting up a confused show, the Pakistan Stock Exchange managed to end the last trading session of the week in green. The indices remained volatile all the week long and shifted from red to green and vice versa.

The international ratings agency, Fitch, has cut its forecast for the gross domestic product (GDP) of Pakistan to 4.70 per cent for the current fiscal year, it was reported on Friday.

The KSE 100 index started shedding gains right from the start of the session to touch intraday low of 40,622.11 after losing 229.69 points. Soon it changed its course and touched intraday high of 41,047.08 minutes before closing. It finally settled at 40,998.59, higher by 146.79 points. The KMI 30 index appreciated by 57.42 points to end at 69,230.73, whereas the KSE All Share index was up by 173.65 points to settle at 29,944.47.

Trading volumes declined slightly from 149.35 million in the preceding session to 145.91 million. The Bank of Punjab (BOP +3.86 per cent), K-Electric Limited (KEL +2.69 per cent) and Unity Foods Limited (UNITY -4.29 per cent) were the top traded companies of the day. The scripts had traded 11.08 million, 9.76 million and 8.49 million shares respectively.

Power Cement Limited (POWER -2.43 per cent) declared its financial performance for Financial Year 2018 (FY18). Sales declined by 3 per cent YoY while the earning per share depreciated from Rs1.14 in the previous year to Rs0.32 in the current year.

Kohat Textile Mills Limited (KOHTM 0.00 per cent) also released its financial results for FY18. The company announced a final cash dividend of Rs0.75 per share. Sales increased by a negligible 0.6 per cent YoY, whereas the earning per share declined by a massive 70 per cent YoY (FY17 Rs1.68, FY18 Rs0.50).

Siddiqsons Tin Plate Limited (STPL -4.90 per cent) announced its results for the year ending June 30th, 2018. Sales were up by 4 per cent YoY while the earning per share was down from Rs1.63 in the last year to Rs-0.86. The company’s cost of sales increased by 11 per cent YoY while the gross profit declined by 47 per cent.

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