Daily Stock Report: Market Gains 412 Points Despite Major Setback Throughout the Day

PSX remained bullish right from the beginning of the morning trading session and remained green during the whole day. At the end the benchmark, index closed with +411.85 or +0.96% to close at 43253.26 points. The market crossed the psychological barrier of 43,000 points today with an intraday high of 456 points.

The index tested the day’s high at 432971.41 points. The day’s low of 42841.41 was the opening of the day.

For the 2nd day of the week Fertilizer stocks came under the investors’ radar again likely due to expectations of early clearance of subsidy claims by the government. Selected fertilizer companies, Steel sector, Technology and different corporate results helped the market to bring up the gain.

In August 2017, the country received major investment in power sector of $154.3 million most of it from China in the development projects of CPEC ($130 million in Coal Projects), Oil and Gas Exploration that received $10.6 million and $35 million in Construction Industry, the SBP’s data said.

Clover Pakistan Ltd. announced Financial Results for the period ended June 30, 2017.

The company’s net revenue for the period decreased by 94.56 percent in the outgoing year, whereas the profit after taxation for the period also decreased by 97.70 percent

Earning per share went down to just Rs 0.035 as compared to Rs 1.52 last year.

Ittehad Chemicals Ltd. announced Financial Results for the period ended June 30, 2017.

The company’s dales for the period increased by 10 percent in the outgoing year, whereas the Profit after Taxation for the Period increased by 40 by percent. Earning per share increased to Rs 3.37 or 27.65% as compared to last year’s 2.64.

The board has recommended a final Cash Dividend for the year ended June 30, 2017 at the rate of 13% i.e. Rs. 1.30/- per share

Top gainers of the market which brought up the gain were FFC (54.25 points), DAWH (26.59 points), PSO (24.61 points), EFERT (20.36 points) and ISL (18.35 points)

Trading volumes of all share index surged to 218 million shares which were better than yesterday’s closing Overall, stocks of 360 companies were traded on the exchange, of which 236 gained in value, 112 declined and 12 remained unchanged. In KSE 100, 95 million shares were traded with a net worth of Rs 9.2 billion.

Top traded sectors:

Dost Steel Ltd was the volume leader with 27.28 million shares, gaining Rs 0.63 to close at Rs 13.22. It was followed by World Call Telecom with 16.41 million shares, gaining Rs 0.49 to close at Rs 3.75 (which is its highest price this year), TRG Pak Ltd with 15.45 million shares, gaining Rs 1.09 to close at Rs 40.76 and Aisha Steel Mill with 10.43 million shares, gaining Rs 0.42 to close at Rs 19.87.

Top advancers of the market were:

Top decliners of the market were:

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