PSX manages to close in green despite countrywide protests

KARACHI: Despite taking several dips following the Supreme Court’s judgement, the Pakistan Stock Exchange managed to close the session on Wednesday in green with small gains. The Supreme Court had acquitted Aasia Bibi in a blasphemy case which led to protests across the country.

The PSX on its road to recovery gained 15 per cent from its 52-week low. Foreign investors ended as net buyers on Tuesday (with a net inflow of $1.44 million), a rare sight as they have been net sellers for each trading session this year.

The KSE 100 index sunk by 371.55 points to touch an intraday low of 41,237.48 shortly after the session commenced. By the second half of the session, the index had recovered 216.52 points and reached an intraday high of 41,825.55. The index settled on the upper side at 41,649.36 after gaining 40.33 points. The KMI 30 index appreciated by a slight 16.11 points to settle at 71,738.68, while the KSE All Share index appreciated by 60.66 points to close at 30,220.10.

Market participation remained healthy and was recorded at 285.22 million. Pakistan International Bulk Terminal Limited (PIBTL +8.80 per cent), K-Electric Limited (KEL +0. 96 per cent) and Shabbir Tiles and Ceramics Limited (STCL +4.84 per cent) led the volume chart. The scripts had traded 20.82 million, 19.99 million and 18.72 million shares respectively.

The tobacco sector managed to gain 3.85 per cent in its cumulative market capitalization and ended as a major gainer. Philip Morris Pakistan Limited (PMPK) was up by 3.39 per cent, while Pakistan Tobacco Company Limited (PAKT +4.02 per cent) and Khyber Tobacco Company Limited (KHTC +4.94 per cent) also ended positive.

Atlas Honda Limited (ATLH +0.00 per cent) declared its financial results for the second quarter of 2018. An interim dividend of Rs10 was announced by the company. Sales declined by a minor 1.02 per cent YoY while the earnings per share depreciated from Rs11.04 in the same period last year to Rs7.22.

Loads Limited (LOADS -2.07 per cent) released its financial performance for the first quarter of Financial Year 2018-19 (1QFY19). The company’s sales appreciated by a massive 36 per cent YoY. On the other hand, the earnings per share declined from Rs0.57 in same period last year to Rs0.40.

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