LAHORE: Bears were in control of the Pakistan Stock Exchange (PSX) for the fourth consecutive session while the Finance Minister briefed the Prime Minister about the current economic situation. He also laid out possible outcomes in case no plan is made to mitigate problems faced by the country. Foreign investors ended their seventh consecutive month as net sellers with E&P’s and Banks facing the majority of the wrath.
The KSE 100 index lost 236.82 points and touched intraday low in the second half of the session. The index settled lower by 121.28 points at 41,742.24. The KMI 30 index declined by 311.80 points to end at 70,817.42. The KSE All Share Index appreciated by 8.72 points and settled at 30,653.83.
The market volume increased to 159.50 million compared with 134.80 million in the previous session.
Unity Foods Limited (UNITY +3.34%) led the volume chart on Friday with 10.49 million shares traded. The management of the company announced their decision to expand oil and refinery capacity. The existing capacity stands at 150,000 metric tons per year and the company is looking to acquire an existing refinery with a capacity of 500,000 metric tons per year. Engro Polymer and Chemicals Limited (EPCL +1.19%) followed by The Bank of Punjab (BOP +0.17%) also managed to be amongst the volume leaders. The scripts had 10.46 million and 8.45 million shares exchanged respectively.
Dynea Pakistan Limited (DYNO -5.00%) declared its financial results for the Year Ended 30th June, 2018. The company declared final cash dividend of Rs 6.50 per share. An increase of 54% YoY was recorded in the sales while earning per share appreciated from Rs 9.38 in the previous year to Rs 15.63 in the current year (an increase of 67% YoY). The company managed to reduce its distribution cost by 43% YoY and improve its profitability.
Habib Insurance Company Limited (HICL +1.30%) released its financial performance for 2QFY18. Net Revenue was up by 14.55% QoQ. Whereas, the earning per share improved by 23% YoY (FY17 Rs 0.30, FY18 Rs 0.30).
