Daily Stock Report: Market Registers a Loss of 185 Points

The market remained volatile throughout the whole day. At closing, the benchmark KSE 100-share Index registered a loss of 185.83 points or 0.45% to finish at 41409.49 points.

The market opened in green and went to an intraday high of 150 points. The political pressure changed the scenario as the market touched the intraday low down -240 points today.

The Pakistan Stock Exchange (PSX) observed a shorter session yesterday as a technical fault in its electronic trading platform disrupted trading during the day.

The Securities and Exchange Commission of Pakistan is expected to probe whether the fault was a result of a technical glitch or was human intervention involved.

Using the IT tools and available expertise with it, the commission will continue probe till it finds actual causes and nature of the fault.

The results of different companies were also announced today as well.

Pak Elektron announced its quarter result. Pak Elektron Revenue for the period increased by 24.92%, amounting to a total of 33 billion Rupees during the quarter ended September, 30th 2017. Gross Profit increased by 13.76% with a substantial increase of 67% in sales tax and discounts. Pak Elektron reported a 47% increase in total distribution costs.

The company reported a Profit after Tax of Rs. 2.97 billion, a decline of 1.15% against Rs. 3 billion profits from the same quarter last year. Earnings per share fell to -2.19 rupees in the last three months vs 1.29 in same quarter during 2016.

The Searle Company’s Revenue for the period increased by 17.6%, amounting to a total of 3.24 billion Rupees during the nine months ended September, 30th 2017.

Company’s total cost of sales witnessed a significant jump during the quarter, with an increase of 26.7%; In addition to that Company’s Administrative Expenses also witnessed more than 45% increase resulting in a total Administration cost of Rs. 689 million during the period.

The profit after tax for the period increased by 4.43% reaching 772 million against last year’s profit of 740 million Rupees.The company’s earnings per share reached 5.62 Rupees vs 4.81 in the last quarter.

All shares index had a traded volume of just 139 million shares overall, stocks of 369 companies were traded on the exchange, of which 125 gained in value, 224 declined and 20 remained unchanged. In KSE 100 65 million shares were traded with a net worth of just Rs. 5.53 billion.

Top traded sectors:

Azgard Nine Ltd was the volume leader with 13.60 million shares gaining Rs. 0.04 to close at Rs. 14.52. It was followed by Pak Elektron with a turnover of 10.0 million shares, losing Rs. 3.56 to close at Rs. 67.64, Aisha Steel Mill with 8.15 million shares, losing Rs. 0.69 to close at Rs. 19.13 and Bank of Punjab 7.92 million shares, losing Rs. 0.29 to close at Rs. 8.63

Top Advancers of the market were:

Top Decliners of the market were: