LAHORE - Bulls returned to market in Tuesday’s trading session, a day ahead of general election 2018 which are scheduled for Wednesday. After a decline of 758 points in previous trading session, the market rebounded, gaining 875 points to close at 41,339 level (up 2percent).

Interest was seen across the board as investors positively see the smooth transition of democratic government. In the upcoming general elections, PTI is expected to form Coalition Government along with smaller parties.

Foreigners remained net sellers during the day with net selling of $2.7 million during the day vs. net buying of $2.4million, yesterday. On the local front, Individuals remained net buyers of $7.7 million.

According to experts, Aisha Steel Mills Limited notified about the progress of its expansion project. As per the company, building erection work is progressing and 50percent of equipment foundation work has been completed. Sakrand Sugar Mill board of Directors has approved the BMR for the Mill which include, increasing the crushing capacity from 7000 TCD to 8000 TCD with planned Capex of Rs150mn as well as Rs50mn provisioning.

Once completed, the company expects total crushing for 2018-19 season to be 800,000 MT of sugarcane at 95percent plant efficiency. The expected sugar production will be 86,400 MT (vs 39,660 MT) and expected molasses production will be 43,200 MT (vs 26,047 MT). Habib Sugar Mills also reported 3Q2018 EPS of Rs2.19 compared to Rs1.38 in the same period last year depicting a growth of 58.7percent YoY. The increase in profitability was primarily due to rise in gross margins to 18.1percent compared to 13.0percent in same period last year. IN (M2018, the company has reported EPS of Rs4.96, up by 40.5percent YoY.