Closing Bell: KSE-100 index up 2.21%

PSX Index closed relatively positive in today’s session at the close. After suffering a hammering for the last four sessions, losing more than 2000 points in total themarket’s behavior today was quite a surprise.

Despite Donald Trump’s warnings to Pakistan, the Index is on the rise. The index recovered points yesterday after loosing more than 1000 points. Today’s session are witnessed a positive ending, despite all signs against it.

NCCPL data reveals a bulk of institutional buying to prop up the market and avoid a free fall in the shares.

In today’s corporate alerts; Bestway Cement, Dawood Hercules, Cherat Packaging, KSB Pumps, Bank Al Habib, Faysal Bank Ltd., Cherat Cement, Habib – ADM and SME Leasing announced financial results for the quarter, half year and year ended June 2017.

Bank Al Habib Pakistan witnessed decent growth in the first half year compared to the previous year. The company’s Net mark-up/interest income/return for the period decreased by 1 percent in the outgoing year, whereas the Profit after Taxation for the Period increased by 20 percent. Total Non-markup/interest income increased by 106 percent for the period.

Also, Crescent Star Insurance a MoU with the management of Bil Foods Ltd., for the acquisition of 100% of the company Bil Foods Ltd., which owns the Master Franchise Rights for Pakistan for American Food Chain (Fat Burger) subject to due diligence. In CPEC related news, Pakistan Ambassador while giving an exclusive interview to china.org.cn claimed that, in the next three to four years Gwadar Port will be fully operational.

KSE-100 Index at the day end gained 927.63 points, closing at 42910.79 points. Index touched an intraday high of 42949.90 points whereas touching an intraday low of 41927.22.

In percentage terms, index was up by 2.21%.