LAHORE
The Pakistan Stock Exchange (PSX) settled the week after spending a dull and dry session. Investors preferred to stay on the sidelines as uncertainty mounts over the fate of the Finance Minister. Market participation narrowed down despite earnings season catching up momentum.
The KSE 100 index touched intraday high of 42,921.13 up 146.09 points in the first session recovering from a loss of 203.00 points. The index settled a minor 24.85 points in the red at 42,750.19.
The KMI 30 index also showed a similar pattern and ended with a loss of 26.30 points. The KSE All Share Index inched up 18.50 points. The advancers to decliners ratio stood at 167 to 170.
Market volumes tumbled from 165.71 million to 132.05 million. Worldcall Telecom Limited (WTL +2.62 per cent) led the volume table with 17.58 million shares exchanged. Engro Polymer and Chemicals Limited (EPCL +3.03 per cent) followed with 8.92 million shares traded. The automobile assembler sector was the top performer and added 1.62 per cent to its market capitalisation.
The Nishat (Chunian) Group declared financials for the year ended June 30, 2017. Nishat (Chunian) Limited (NCL +2.50 per cent) improved sales by 16 per cent to Rs 29.82 billion but gross profit margin remained flat at 10 per cent. Operating profit margins were also the same, 10 per cent, like in the previous year. Net profit inflated 22 per cent to Rs 1.62 billion converting into per share earnings of Rs 6.75. The management approved a cash dividend per share of Rs 2.75.
Nishat Chunian Power Limited (NCPL -3.74 per cent) sales swelled 17 per cent to Rs 16.15 billion but gross profit margins dropped from 30 per cent to 27 per cent. Operating profit margins reduced from 29 per cent to 25 per cent. Net profit increased 9 per cent to Rs 3.00 billio. Earnings per share clocked at Rs 8.17 against FY16’s Rs 7.50. The board approved a cash payout of Rs 1.00.
Murree Brewery Company Limited (MUREB -4.98 per cent) reported sales of Rs 7.14 billion which was 7 per cent more than that reported in FY16. With a 30 per cent gross profit margin, the company profits dropped 19 per cent to Rs 9.21 million. Earnings per share depreciated to Rs 39.94 from Rs 49.09. The cash payout of Rs 10.00 was announced.
