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Roundup: Pakistani stocks pare gains after below-expectation results

Xinhua, January 27, 2016 Adjust font size:

The Pakistan Stock Exchange gave away intraday gains but remained bullish for fourth straight day on Wednesday as investors turned to selling counters after below-expectation corporate results by Fauji Fertilizer Company and Engro Foods.

The Pakistan Stock Exchange's benchmark KSE 100-Index gained 0.09 percent or 27 points to 31,101.38 points on Wednesday from 31,074.38 points posted on Tuesday. During the four-day bullish rally, the main index has accumulated 349.58 points.

The KSE All Share Index swelled by 0.26 percent or 56.87 points to 21,899.35 points, the KSE 30-Index fell by 0.11 percent or 20.17 points to 18,025.01 points, the KMI 30-Index reduced by 0.28 percent or 148.20 points to 52,963.65 points, whereas the Islamic All Share Index slid by 0.09 percent or 13.70 points to 14,862.86 points.

During Wednesday's trading session, the main index travelled in a narrow band of 321.30 points as it touched an intraday high of 31,386.21 points as against an intraday low of 31,064.91 points.

The key index opened strong and remained robust for the first half, but lost its sheen in the second half after Fauji Fertilizer Company and Engro Foods announced below-estimation financial results.

The fertilizer company declared a cash dividend of 3.42 rupees with consolidated earnings of 15.27 rupees per share which failed to earn favor of investors as it finished 2.95 percent lower.

Similarly, the food company announced an earning per share of 4.13 rupees which was also below expectations. It fell 1.4 percent.

Market volumes improved by 10.55 percent or 11.388 million shares to 119.383 million shares on Wednesday, compared with 107.995 million shares posted on Tuesday.

Market capitalization swelled by 0.27 percent or 17.721 billion rupees (173.739 million U.S. dollars) to 6.642 trillion rupees while on the flip side trade value decreased by 2.57 percent or 169.409 million rupees to 6.427 billion rupees.

Among the 342 active scrips on Wednesday, the prices of 166 issues depleted, 154 advanced, whereas the values of 22 other companies stayed unchanged.

TRG Pakistan Limited, Silk Bank Limited, and Fauji Cement were the top traded companies with turnovers of 7.359 million shares, 6.125 million shares, and 5.718 million shares, respectively.

Pak Tobacco was the top price gainer with increment of 58.15 rupees to 1,221.67 rupees while on the other hand Colgate Palmolive led the major price shedders with decrement of 50 rupees to 1,500 rupees. Enditem