Dismal spell persists at market

2018-09-11T01:20:11+05:00 Our Staff Reporter

LAHORE - Pakistan Stock Exchange continued its losing streak for the fourth consecutive day, shedding cumulatively 1,070 points amid absence of any trigger.

Investors’ confidence in market is shattered as ECC has been unable to form economic roadmap to address critical issues like 1) burgeoning circular debt, 2) depleting FX reserves and 3) pending gas price hike. Session closed at 30-sessions low level of 40,684 points, losing 171 points. Postponement of gas price hike led to excitement among investors where stocks like SPL, LOTCHEM, DOL, and ICL closed positive with gain of 2-5% in their values.

Further, reportedly decision related to start of closed fertilizer plants led 4-5% increase in values of AGL and FATIMA with cumulative traded volume of 2.4m shares. Trigger-less session kept investors sidelined, where participation of investors dived 7% and similarly value dropped 9%.

HTL announced its financial results for FY18, where company reported earnings of Rs4.78/share, down by 24% YoY.

 

 due decline in GP margins by 3ppts YoY to 21% and increase in distribution cost by 35% YoY. OGDC notified exchange about its new discovery with oil/gas flows of 700bopd/2.2mmcfd from Chanda well -1 with estimated annual EPS impact of Rs0.16. Company holds 72% stake in the said field. United Brands Limited (UBDL) in its notice to exchange conveyed about formation of its new subsidiary named as ‘IBL Logistics Private Limited’ to cater business of warehousing and transportation.

One major beverages company has awarded logistics contract to company, valued at Rs25m per annum. TPL has called emergency board meeting to get approval for issuance of right shares on Sept 14 2018.

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