Closing Bell: Bears dominate the session, Index loses down 1.50%

PSX Index began the day on a positive trend, however went to lose more than 640 points. Despite a positive start, the index lost a total of 642 points.

The primary reasons for the downward turn in the market have been the Rupee Devaluation and deteriorating relations with the US.

Analysts expect the market to remain mixed in the upcoming sessions, with focus being on the deteriorating relations with US.

In today’s corporate alerts; Fatima Fertilizer, Bankislami Pakistan, Pakistan Gum & Chemicals Ltd., Indus Motor Co., Samba Bank Ltd., GlaxoSmithKline, Bata Pakistan, National Bank of Pakistan, TPL Trakker, Lotte Chemical, Shaheen Insurance Co. Ltd., Silk Bank Ltd. and Jubilee Life Insurance Co. Ltd. announced financial results for the quarter, half year and year ended June 2017.

Indus Motor Co. witnessed a 3 percent growth in Net Sales, increase of 12 percent in Gross Profit and the company increased 13 percent increase profit after taxation. Indus Motors saw a 415% increase in Finance Costs during the last twelve months.

Also, Ittehad Chemicals released 1^st Quarterly report regarding utilization of the funds generated from Right Issue.

Liquid FX reserves numbers were released by State Bank of Pakistan, the total liquid Foreign Reserves declined by 0.52 percent in the last week.

KSE-100 Index at the day end lost a total of 642.17 points, closing at 42268.62 points. Index touched an intraday high of 43173.22 points whereas touching an intraday low of 42136.17.

In percentage terms, index was down by 1.50%.