The Karachi Stock Exchange – 100 today lost 416 points as index followed on the international bearish run that has taken away steam from the global equities. US, Asian, and European stocks all fell during the day as investors and analysts remain confused as to the scale of the correction after the yearlong bullish run in the US Equities.
On the corporate front, Cherat Cement Ltd. and Engro Fertilizer released financial results during the day. Engro Fertilizer could not top previous year’s revenues, company releases revealed a decline in company’s bottom line profits as well much below the industry expectations. Company’s bottom line shrunk by 2.17%, with total profit for the year totaling at Rs. 24.626 million against Rs. 25.177 million during the same period last year.
Cherat Cement today released financial results for the half year and quarter ending December, 31st 2017. The company reported significant increase in sales and bottom line profits. Company’s bottom line profits witnessed a smooth upward jump of 31.64% to reach Rs. 1.349 billion owing much to the 99% reduction in taxation for the period
Sector-wise all share index turnover was led by Cement (35.737 million), Commercial Banks (24.710 million), and Food & Personal Care Products (24.042 million) with Chemical (12.779 million) and Engineering (11.913 million) stocks trailing at the bottom.
KSE – 100 Index at the day end moved a total of -416.62 points down by -0.94%, closing in at 43679.87 points with index high-low range of 44151.54 – 43629.82.
KSE – All Share Index Volume was at 245.846 million shares, value of shares traded for all-shares index reached PKR 9.473 billion.
KSE 100 Chart, Mettis Global
The index movement was limited within the 521.72 points range.
20 companies closed up, whereas 67 were down at the day end.
Gainers of the Day
Island Textile Mills
United Brand Ltd.
Losers of the Day
Indus Motor Company
Jubilee Life Insurance Company
Bank of Punjab
Fauji Fertilizer Ltd.
Azgard Nine Ltd.
Sui Southern Gas Company
Engro Fertilizer Ltd.