Daily Stocks Report: Market Stays at a Standstill Today
3 months ago
After last week’s flat closing, the market started the day in green but almost closed flat after a volatile session on Monday. At the end the benchmark index closed with -6.55 or + -0.0% to close at 42743.65 points.
The market opened positive and touched the intraday high of 337 points. The index gained as Fertilizer stocks rallied on the news of Urea prices were up by 9% to USD 275/ton. Stock prices for all 7 listed fertilizer companies have rallied since the international prices for Urea have gone up in the last week.
Political instability remained in the market as the market went down in the red zone and remained volatile throughout the day. Investors opted profit taking today as the market gains were wiped off. Market touched the intraday low of -122 points.
Many corporate results were announced during the day which also affected the market sentiments as well.
Gul Ahmed Textile Mills announced Financial Results for the period ended June 30, 2017.
The board has recommended a final Cash Dividend for the year ended June 30, 2017 at the rate of 10% i.e. Re. 1.00/- per share. The board issued no bonus or right shares.
Earning per share went down to Rs. 2.50 as compared to 3.92 of last year.
Aisha Steel Ltd. announced Financial Results for the period ended June 30, 2017.
The company’s revenue for the period increased by 46.10 percent in the outgoing year, whereas the company made profits after suffering losses during the last period.
The massive increase in earnings was mainly due to YoY increase in sales, improved pricing power post imposition of anti dumping duty companies of CRC.
The board has not recommended any Cash Dividend for the year ended June 30, 2017. The board issued no bonus or right shares.
Trading volumes of All share index plunged down to 126 million shares which were lower than Friday’s closing Overall, stocks of 364 companies were traded on the exchange, of which 124 gained in value, 218 declined and 22 remained unchanged. In KSE 100, 67 million shares were traded with a net worth of Rs. 5.6 billion.
Top traded sectors:
Aisha Steel Mill was the volume leader with 7.82 million shares, gaining Re. 0.13 to close at Rs. 19.29. It was followed by K-Electric Ltd with 7.27 million shares, gaining Re. 0.05 to close at Rs. 6.31, Fauji Fertilizer with 6.36 million shares, gaining Rs. 3.90 to close at Rs. 82.40 and World Call Telecom 5.72 million shares, gaining Re. 0.01 to close at Rs. 3.53.
Top Advancers of the market were:
Top Decliners of the market were: