LAHORE - Amid lack of clarity on economic issues by the new government, investors continued their wait and see approach at the Pakistan Stock Exchange. Moreover, inflationary pressure will likely lead to further monetary policy tightening, thereby affecting aggregate demand. Higher inflation will be due to higher gas prices and likely increase in electricity tariff. This kept investors skeptical about corporate earnings going forward.

As a result, index closed flat (marginally down 0.14%). Since last four sessions, the market has shed 468 points.

Netsol closed at its lower lock for the second consecutive day as the company posted loss of Rs167m in its 4QFY18 results. Market participation in terms of volume went up by 18% where highest volume was seen in Dolmen City REIT (DCR) and Unity Foods (UNITY) at 22mn and 12mn respectively.

Altern Energy (ALTN) announced its financial results for FY2018, where company reported earnings of Rs5.49/share, up by 12% YoY due to decline in finance cost by 10% YoY and increase in revenues by 13% YoY.

Pioneer Cement (PIOC) announced financial results for FY18, where the company reported EPS of Rs7.2, down 44% YoY due to decline in gross margin by 14ppts YoY to 28% in FY18.

Further, net sales of the company remained flat while distribution cost of the company by 78% YoY to Rs167mn.

Clover Pakistan in its notice to exchange has notified that company has got approval of OGRA for starting its new business of Lubricant Marketing. The company expected higher profitability next year amid said reason.