LAHORE - The bearish trend was resumed once again on Thursday at the bourses, as stock market witnessed a volatile trading session. KSE-100 index traded both in red and green zone initially but thereafter declined throughout the session to close at 43,680 index level, down by 417 points or 1 percent. Traded volume was down 9 percent, whereas traded value was declined by 16 percent.

Lack of any positive trigger, fall in WTI prices to $61 (6 week low) and continuing weakness in global markets remain key concerns for investors.

Worst index point performers were PPL (-2.8 percent), MCB (-2.2 percent), DGKC (-4.6 percent), OGDC (-1.3 percent) & HBL (-0.6 percent) withholding 194pts; while NBP (+3 percent), ENGRO (+1 percent), EFERT (+1.8 percent), SNGP (+1.6 percent) & MUREB (+5 percent) added 64pts.

On the sector front; Commercial Banks & E&P sector cumulatively eroded 341pts,while Fertilizer sector led by EFERT robust financial results and payout added 45pts, followed by Pharma contributing 43pts to the index.

On Thursday, Cherat Cement has reported its 3QFY18 financial results registering earnings of Rs743.5m (EPS 4.7), up 20 percent YoY. Sales improved by 60 percent to Rs3.7bn while gross margins declined from 42 percent to 24 percent from same period last year.

The company bottom-line was also supported by one time tax reversal. Along with the result, company announced cash dividend of Rs1 per share.

Cherat Packaging also disclosed its 2QFY18 financial results reporting EPS 5.09 down 31 percent YoY. Sales were down by 3 percent YoY, while gross margins from 19 percent to 12 percent from same period last year. Along with the result company announced cash dividend of Rs 2 per share.

Faysal Bank on Thursday informed the bourse that subject to obtaining all relevant regulatory and general meeting approvals, the bank intends to acquire 50 percent shares of Faysal Asset Management, i.e 7.5mn shares from Islamic Investment Company of the Gulf (Bahamas) ltd (IIGB) at rate of Rs30 per share.