Market daily: stocks ends in red after haphazard session

LAHORE: The phrase half empty or half full fairly describes the Pakistan Stock Exchange (PSX). Tuesday’s session could be summed up as when the benchmark KSE 100 index further dropped 170.22 points or bounced back 920 points.  With analysts calling the market to have entered the bear market zone following a 20 per cent fall from its peak, investors must have rejoiced the sight of the bounce back.

The KSE 100 index dropped 1090.65 points to an intraday low of 41,062.73; a level last seen, in November 2016. Later buying was witnessed in the market and the index regained all losses of the day to strike a high of 42,291.15 up 137.77 points. The stocks finally settled 170.2pts lower than the last session.

The KMI 30 index declined 512.51 points pulled down by the cement stocks while the KSE All Share Index laid off 125.58 points. The advancer to decliner ratio stood at 97 to 243.

The market volumes jumped up to 217.01 million from 153.16 million of the previous session. Azgard Nine Limited (ANL -6.18 per cent) dominated the volume chart for yet another session. A total of 15.22 million shares were exchanged in the script followed by Aisha Steel Mills Limited (ASL -2.37 per cent) 14.18 million.

The cable and electrical goods sector along with the cement sector crumbled. The sector’s cumulative market capitalisation depreciated by 4.67 per cent and 3.42 per cent respectively. Bestway Cement Limited (BWCL -5.00 per cent), D. G. Khan Cement Company Limited (DGKC -4.83 per cent), Attock Cement (Pakistan) Limited (ACPL -5.00 per cent) and Thatta Cement Company Limited (THCCL -4.99 per cent) were amongst those who took a dip to the floor price.

Kot Addu Power Company Limited (KAPCO +2.48 per cent) declared financials for the year ended June 30, 2017. The company posted a 27.53 per cent growth in sales but gross profit margins were lower, FY16 – 20.89 per cent; FY17 – 17.33 per cent. But these figures along with improved other income was enough to push up net growth by 4.15 per cent. Earnings per share clocked at Rs 10.73 with a final cash dividend of Rs 4.75.

Nestle Pakistan Limited (NESTLE 0.00 per cent) reported 6.51 per cent fall in quarter-on-quarter profits to per share earnings of Rs 84.53 in 2QFY17. While earnings per share for Soneri Bank Limited (SNBL -3.27 per cent) came down from Rs 0.54 in 1QFY17 to Rs 0.20 in 2QFY17.

Via profit