LAHORE - Another political juncture - election of Lower House (National Assembly) speaker - had a smooth transition where PTI candidate Assad Qaiser beat PPP's Khursheed Shah by securing 176 votes, in-line with expectation. However, this failed to lift investors' spirits as the market shed 191pts in Wednesday's session to close at 42,447 index level.

Investors remained wary of the dramatic fall in Turkish Lira (Turkey accounts for less than 1 percent of the world economy) over the last few days which has rattled the global markets.

APL and ATRL hit upper limits after they announced their 4QFY18 results where investors cheered 20 percent and 25 percent bonus announcement, respectively. Trading activity remained slow as seen by -11 percent decrease in volumes to 145mn shares while value increased by 5 percent to $68.3million.

On Wednesday, Attock Petroleum Limited (APL) announced its 4QFY18 result posting EPS of Rs16.79 up by 48 percent YoY. Improvement in earnings is attributed to higher sales, up by 48 percent and better margins up by 1ppt to 5 percent vs. 4 percent in 4QFY17. In addition to the announcement of a final cash dividend for the year of Rs25/share, APL declared a bonus issue of 20 percent. Attock Refinery Limited (ATRL) also posted its 4QFY18 result with LPS of Rs0.09 vs. EPS of Rs48.8 in 4QFY17. Despite improved sales up by 47 percent YoY, the decline in margins by 15ppts to -4 percent vs. 11 percent in 4QFY17 and increased financial charges by 46 percent YoY, led to decline in earnings for the company. ATRL declared a bonus issue of 25 percent.

The National Refinery Limited (NRL) also announced its 4QFY18 result with EPS of Rs2.53 down by 85 percent YoY. Although NRL had improved sales by 56 percent YoY, reduction in gross margins by 8ppts YoY to 1 percent and increased financial charges by 9.5x times YoY pulled the earnings down for the company.