LAHORE - The Pakistan Stock Exchange failed to gain momentum for second consecutive day, after gaining 4 percent last week due to currency devaluation. The benchmark 100-share index traded in the range of 44,936 to 45,307 and managed to close above psychological barrier of 45k (45,004), erasing 79 points from the index. However, volumes and value showed recovery, growing by 25 percent and 18 percent, respectively vs Monday, as investors preferred to trade in small cap stocks.

K-Electric gained investors’ attention and claimed top position in volume leader’s list with traded volume of 30m shares, as Shanghai Electric’s fresh public announcement of intention to acquire 66.4 percent equity stake of KEL shows its strong commitment towards consummating the deal despite facing delays in getting regulatory approvals. Fertilizer sector contributed 41 points to index, followed by transport (14 points) and insurance sector (9 points) while, commercial banks and E&Ps eroded 83/59 points from index.

Top five stocks including MCB (-2.9 percent), HBL (-1 percent), BAHL (-2.2 percent), PPL (-0.9 percent) & OGDC (-0.7 percent) withheld 78 points from the index whereas stocks including ENGRO (+1.1 percent), PIBTL (+5.7 percent), DAWH (+1.8 percent), KEL (+4 percent) & PSO (+1.2 percent) added 79 points to the index gain.

Systems Limited (SYS) announced its financial results for 2017, where company reported profit after tax (PAT) of Rs570m against 487m last year, up by 17 percent YoY due to increase in net sales by 23 percent YoY and rise in GP margins by 1.5ppts YoY to 30 percent during 2017. Company also declared DPS of Rs1.75 for year ended Dec 2017.

GlaxoSmithKline (GSK) will buy Novartis's 36.5 percent stake in their consumer healthcare joint venture for $13.0b in cash. The deal is set to complete in the second quarter subject to necessary approvals.