Market closes flat in absence of any trigger
LAHORE – Pakistan Stock Exchange closed flat on the first day of the rollover week in absence of any positive trigger despite of the approval of FY19 budget by the parliament on Friday.
Investors remained concerned as government has not yet disclosed any concrete plan to address mounting current account deficit numbers, which swelled to $14b in 10MFY18 vs $9.3b last year. As a result, market closed with marginal gain of 25 points against intra-day gain of 289 points.
Investors showed interest in small cap stocks that led volumes to grow by 7pc. However, value dropped by 14pc. EPCL closed near its lower lock as company declared right shares of 37pc at Rs22 per share in last session. Among scrips, FCCL, PAEL and EPCL topped the table in terms of volume with cumulative trading volume of 18m shares. Sector-wise data indicate that commercial banks and chemicals remained top volume leaders with cumulative trading volume of 24m shares.
Sindh Abadgar’s Sugar Mill (SASML) announced its financial results for Mar 2018 quarter, where company reported EPS of Rs22 vs Rs1.2 in similar quarter of last year. Rise in earnings could be attributed to increase in revenues by 75pc YoY and rise in GP margins by 11ppts YoY to 22pc. Shah Murad Sugar Mills (SHSML), in its notice to exchange, stated that company has successfully started trial production of its ethanol plant on May 18, 2018.
Ghani Gases (GGL), in its notice to exchange, stated that company’s third ASU plant will commence operation during second week of Sept 2018, taking company’s total capacity to 125k tons. Further, company has decided to set up fourth plant in south with capacity to produce 225 tpd of industrial and medical gases. The new project will be commissioned during 3Q2020.