Published On: Wed, Feb 14th, 2018

Sluggish yet green, KSE 100 gains 175 points

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LAHORE: The Pakistan Stock Exchange (PSX) had a lazy trading session where the indices crawled up but volumes dropped down. Pakistan equities ended on a positive note, closing up 175 points to settle at 43,690 index level. This was supported by the unexpected victory of PML-N in yesterday’s NA-154 by-election in Lodhran, following the seat fell vacant in the wake of disqualification of PTI leader Jahangir Tareen by Supreme Court in December 2017.

On the other hand, media reports of a possible increase in banks’ pension liabilities on apex court’s order to a minimum of Rs 8,000 per month – which was lower than expected, led to excitement in banking stocks. Investors rejoiced this decision as the impact was lower than expected.

The first listing of the year, Matco Foods Limited (MFL +5.00 per cent), was received warmly by investors on its first day of trading. The script opened the day at its upper circuit breaker and stayed strong all day long.

The KSE 100 index traded positive all day long and recorded an intraday high of 43,878.33 with a rise of 363.25 points. The KMI 30 index depreciated again. The index closed lower by 125.82 points at 73,697.43. The KSE All Share Index gained 96.96 points with 146 advancers and 173 decliners.

Sector-wise data indicate that Commercial Banks added 167 points to the index gain. This was followed by Fertilizer sector that added 23 points. On the contrary, Cements withheld 21 points from the index.

Meanwhile, trading volumes and value during the trading session shrunk by 5 per cent.

Stocks including HBL (+3.3 per cent), UBL (+2.3 per cent), ENGRO (+1.1 per cent), PIBTL (+5.7 per cent) and BAFL (+2.7 per cent) added 186 points to the index whereas stocks including LUCK (-1.1 per cent), DAWH (-1.3 per cent), DGKC (-2.2 per cent), SEARL (-2 per cent) and HASCOL (-2.1 per cent) withheld 62 points from the index.

Netsol Technologies (NETSOL) announced 2Q2017 consolidated earnings of Rs 492 million. Earnings per share were reported at Rs 5.38 which is more than that of FY17, up 292 per cent YoY. –Agencies

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