Closing Bell: KSE-100 index up by 0.22%; gains more than 90 points

KSE-100 index gained a little more in today’s session after hitting the year’s low session yesterday. Habib Bank Ltd continued to spook the investors, closing on third consecutive lower price limit and trading in off-market at a 14% discounted price against the closing price at day-end.

Major sectors including Cements witnessed a rebound in today’s session despite lower volumes.

DG Khan was the pick of institutional buying, prompting DGKC to close at its upper limit.

In today’s corporate alerts; Shabbir Tiles & Ceramics Ltd, The Universal Insurance Co. Ltd, Singer Pakistan, EMCO Industries Ltd, Ferozsons Labs, Apna Microfinance Bank Ltd, Pak Reinsurance Co Ltd, Hascol Petroleum Ltd, Atlas Asset Management Co Ltd and Orix Modaraba Leasing Co. announced financial results for the quarter, half year and year ended June 2017.

Ferozsons Lab witnessed a 58 percent decrease in Net Revenue whereas the Profit after Taxation for the Period decreased by 81 percent.

Singer Pakistan also released earnings for the last year, witnessing a Sales increase of 38.29 percent, whereas it erased all of the previous year’s losses to make a profit of 65 million.

Also, in other news, Oil and Gas Regulatory Authority has prepared a summary for petroleum products revision for the month of September, recommending an increase of Re 0.70 to Rs 15 per liter.

Furthermore, President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Wednesday said Pakistan has acquired the capability to issue the certificate for the safety of food which is to boost exports.

Malaysian company Edotco decides to partner with Dawood Hercules both the company decides to acquire 13000 towers owned by Pakistan mobile communication Dawood Hercules will be investing 45% equity stake, 55% to acquire by Edotco total transaction proposed cost is around 940 million dollars.

KSE-100 Index at the day end gained a total of 90.57 points, closing at 41323.65 points. Index touched an intraday high of 41558 points whereas touching an intraday low of 41046.24.

In percentage terms, index was up by 0.22%.