KSE-100 index closed Thursday’s session in red going through substantial losses down by more than 1.30 percent at the close. The index went through a selling instigated by political noise in the background, to worsen the affairs was NAB seizing Ishaq Dar’s (Finance Minister) assets after issuing bail able warrants for starting a reference against him in the court.
Financials were the worst hit by today’s session as HBL -2%, MCB -3%, UBL – 1.5%, NBP -3.9%, BAHL -1.45% and MEBL -1.13% cumulatively took away more than 178pts. Financials were closely followed by Materials and Industrials Sector with ENGRO -2.37%, EFERT -2.19%, DAWH -1.85%), ISL – 3.45%, FCCL -2.07%, LUCK -0.65% and TRG -4.44% all closing in red.
Market participation for the KSE-100 Index declined to 82.28 million share down from 105.6 million shares yesterday.
Maple Leaf Cement Co. (MLCF) announced that it expects to raise 4.2 Billion from Right Issue of the 23 billion required for Expansion Project. The company’s financial plan estimate a cost of 23,000 million Rs. for the expansion project. The Board has opted for three avenue to fulfill the requirement of required capital; borrowing 11,000 million from Banks, generating internal cash worth 7,712 million and 4,288 million from the Right Issue.
In Corporate news, Sana Industries Ltd. (SNAI), Haydari Construction (HADC), Pakistan Synthetics Ltd. (PSEL), General Tyre and Rubber Co. (GTYR), Balochistan Particle Board (BPBL), Nishat Power Ltd. (NPL), Japan Power Gen Co. LTd. (JPGL), Rupali Polyester (RUPL) and Nimir Industrial Chemicals Ltd. (NICL) announced financial results for the twelve months period ended June, 30 2017.
General Tyre & Rubber Co. (GTYR) reported a increase of 1.75 percent in Net Sales and increased profits by 15 percent. Whereas, Japan Power Gen. Ltd. (JPGL) reported an increase of 2.8 percent in Sales whereas the company suffered losses during the reported period.
Nishat Power Ltd. FY17 also released financial results today, company reported Net Earnings of Rs. 8.15 per share, an increase of 8.24 percent in Sales and an increase of 1.24 in Profit after Tax owing to an increase in power generation during the reported year.
KSE-100 Index at the day lost a total of 571.99 points up by 1.32%, closing at 42775.04 points. Index Volume was 82.28 million shares, value of shares traded was PKR 6.77 billion with index low-high range of 42705.66 – 43386.73.
90 companies closed up, whereas 279 were down at the day end.
Oil prices dipped on Thursday as The Federal Reserve hinted that raising rates at the yearend in December meet. As supply shrinks in the international markets, the prices for oil are expected to rise in the near future. OPEC is expected to take a decision on Friday in Vienna whether to extend and deepen the cuts beyond March next year.
Senate Standing Committee on Finance has asked Federal Minister of Finance, Mr. Ishaq Dar to immediately resign from his office as it continues to mar the sanctity of the office and lends bad image to Pakistan’s financial sector. Yesterday, National Accountability Bureau (NAB) issued bail able arrest warrants for Mr. Ishaq Dar and seized his bank accounts and properties as an accountability court initiated proceedings against him in a corruption reference. The Lahore NAB wrote a letter to State Bank of Pakistan saying, “the bank accounts of Mr. Ishaq Dar, Federal Minister, may be cautioned” as there was a reference pending against the Minister. NAB also informed all of the provincial and district authorities to stop any transactions involving Mr. Ishaq Dar’s properties or assets.
5 – Gainers of the Day
Blessed Textiles Ltd.
Service Industries Ltd.
Al-Ghazi Tractors Ltd.
5 – Losers of the Day
Sapphire Textiles Ltd.
Sanofi Aventis Pakistan Ltd.
Bata Pakistan Ltd.
Bhanero Textiles Ltd.
Sui Southern Gas Co. Ltd.
Engro Polymer & Chemicals Ltd.
WorldCall Telecom Ltd.
Pervez Ahmed Securities
Pak Elektron Co. Ltd.
Dost Steel Ltd.
D.S. Industries Ltd.
Bank of Punjab