Pakistan Stock Exchange (PSX) made a good recovery after the opening hours of the trading session as the benchmark KSE-100 Index gained 19.11 points (+0.04%), by the close of the trading session to reach 45998.81 points.
The market extended the losses suffered in the previous session and continued to fall throughout the day but made a quick recovery during the closing hours of trading. It had a volatile movement throughout the day.
The market opened positive but couldn’t maintain it and went down to almost 300 points negative but made a quick recovery back closing in green.
The index tested the day’s high at 46101.08 points. The day’s low of 45591.38 came towards market close.
Former Prime Minister Nawaz Sharif is currently heading towards Lahore with his rally by GT road. The march towards Lahore was increasing anxiety among investors over possible clashes, leading to a political crisis.
Overall, trading volumes of All share index surged up to 213 million shares compared with Shares of 368 companies were traded.
At the end of the day, 222 stocks closed higher and 134 declined while 12 remained unchanged. In KSE 100, 101 million shares were traded with a net worth of Rs 11.12 billion.
The scripts that hit the upper lock were SSGC, SAZEW, ANL and PRL. Top contributors of the market were PSO, ISL, EFERT, MCB and TRG and top laggers were HBL, UBL, ENGRO, PPL and OGDC
ENGINEERING was the top traded sector with total traded volume of 29,083,200 shares. It was followed by COMMERCIALS BANKS with a total traded volume of 27,420,800 shares and POWER GENERATION AND DISTRIBUTION sector with a total traded volume of 18,879,600.
Aisha Steel Mill was the volume leader with 19.74 million shares, gaining Rs 1.04 to close at Rs 23.04. It was followed by K-Electric LTD with 14.75 million shares, gaining Rs 0.14 to close at Rs 7.05, TRG PAK Ltd with 14.38 million shares, gaining Rs 1.85 to close at 45.30 and Azgard Nine Ltd with 10.02 million shares, gaining Rs 1.00 to close at Rs 15.92.
K-Electric reported its results for the financial year 2016 that ended on June 30th. It reported an increase in gross profits of 34% to reach Rs 58.176 billion from Rs 43.263 billion in same period last year.
It also recorded an increase in sales of 10.93% to reach Rs 166.47 billion in comparison to Rs 148.514 billion. Net profits went up by 15.53% to reach Rs 32.757629 billion in comparison to Rs 28.324711 billion in SPLY.
The earnings per share was reported at Rs 1.19 rising 15% year on year (YoY) in comparison to Rs 1.03.
Top advancers of the market were:
Top decliners of the market were: