Worsening macros continued to weigh on investors' sentiments at the trigger-less Pakistan Stock Exchange on Tuesday as the government has yet to take concrete measures to contain depleting foreign exchange reserves which were down $295m WoW to $9.3b as of Sept 14, 2018. Consequently, stock market closed only marginally up, above 41,036 points.
Mari Petroleum (MARI) gained Rs42/share in its value as OGRA has notified well head gas prices for its normal gas level to Rs189/mmbtu wef Jul 01, 2018, up by 34% from last notified in Jan 2018. Cement sector contributed positively to the index amid chatter of increase in cement prices by Rs20-25 per bag. Select scripts that pulled the index up were MLCF (+3.3%), MARI (+2.8%), POL (+2.1%), LUCK (+1.6%) and PPL (+1%).
Market participation was marginally up by 3% to ~102m shares while value traded was down by 9% to $36.3m. Berger Paints (BERG) announced its 4QFY18 result posting consolidated EPS of Rs2.67, down 8% YoY. Decline in earnings were a result of 1) lower gross margins by 3ppts YoY to 23%, 2) jump in other expenses by 248% YoY, 3) lower sales by 4% YoY and 5) lower other income by 72% YoY. BERG also announced a cash dividend of Rs1.25/share with a bonus of 12.5%.
Gillette Pakistan (GLPL) posted its 4QFY18 result with LPS of Rs12 vs LPS of Rs9.14 in the similar period last year. To note, the company posted a full year EPS of Rs0.23.
© Pakistan Press International, source Asianet-Pakistan