LAHORE
Finally, it was a good trading session at the Pakistan Stock Exchange (PSX), as the benchmark KSE 100 index settled close to the 46,000 level with improved market participation.
On its road to recovery, the index hit an intraday high of 45,939.56 with a gain of 410.35 points. The KMI 30 index ballooned 885.65 points to 78,407.24 and the KSE All Share Index was up 307.82 points. The advancer to decliner ratio stood at 259 to 101.
The market volume surged to 223.58 million from previous session’s 105.86 million representing an 111 per cent day-on-day increase.
TRG Pakistan Limited (TRG +1.07 per cent) led the volumes chart with 16.46 million shares exchanged. Azgard Nine Limited (ANL +4.47 per cent) followed with the volume of 13.94 million.
Pakistan Suzuki Motors Company Limited (PSMC -0.60 per cent) reported 21 per cent increase in sales to Rs 22.94 billion which converted into 41 per cent higher net profit of Rs 6.85 million. Earnings per share were announced at Rs 8.33.
Automobile Giants battled it out head to head on Tuesday as they announced earnings for the period April – June.
It wasn’t surprising to see Honda Atlas Cars (Pakistan) Limited (HCAR +2.87 per cent) emerge as a clear winner, thanks to public’s response to Honda Civic. The company reported an 85 per cent jump in sales compared to the last year but owing to lower volumes, earnings were a minor 0.77 per cent lower than that in the previous quarter. Profit after taxation surged by 92 per cent to Rs 2.09 billion from the same period last year’s Rs 1.05 billion. Earnings per share clocked at Rs 14.61 along with an interim cash dividend of Rs 4.18.
J.D.W.Sugar Mills Limited (0.00 per cent) took a 70.17 per cent quarter-on-quarter hit on profits despite a 63 per cent rise in sales during the quarter ended June 30, 2017. Earnings per share were reported at Rs 4.83.
Earnings announcements are expected from Fauji Foods Limited (FFL -0.10 per cent), Hinopak Motors Limited (HINO -0.55 per cent) and Hinopak Motors Limited (FFBL +0.71 per cent) and others.
This news is considered as good news as recently the PSX had taken a toll due to the worsening political scenario in the wake of Panama Papers investigation. As the decision regarding Panamagate, was reserved, normalcy returned to the stock market. Even though the political future of the Premier Mian Muhammad Nawaz Shareef hangs in between the two lights, however for the time being – during the time for which the judgment remains reserved – the PSX can finally take a breather: until then.
