Closing Bell: KSE 100 witnesses yet another volatile session

PSX Index closed relatively negatively after a turbulent session. The losses were pretty steep during the early trade, as the markets were down more than 2.5 percent losing 1000 points in the first few hours of trade. However, the situation improved after as institutional buying helped index erases most of its early losses.

Markets opened to the news of announcement of Trump’s foreign policy on Afghanistan. In his first address as Commander-in-Chief, President Trump criticized Pakistan’s duplicitous role in Afghanistan. He also served a warning notice to Pakistan, arguing that Pakistan needs to do its fair share in order to eliminate the risk of terrorism in the country.

However, Donald Trump acknowledged Pakistan Army’s recent efforts and lives of innocent civilians lost in the terrorist attacks over the last sixteen years.

n today’s corporate alerts; Cyan Ltd., Tri-Pack Films, Asia Insurance, Soneri Bank, Jubilee General Insurance Ltd., NESTLE Pakistan, Service Industries Ltd., Linde Pakistan and KAPCO announced financial results for the quarter, half year and year ended June 2017.

Nestle Pakistan witnessed a phenomenal growth in the last six months’ period. The company’s Net Sales for the period increased by 10 percent in the outgoing year, whereas the Profit after Taxation for the Period increased by 24 percent.

Also, Bank AlFalah informed the stakeholders that the Central Bank of UAE has granted the license to the bank to open a Wholesale Banking Branch and conduct business in Dubai, UAE. The Dubai branch will be opened in due course upon completion of formalities.

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 was minus 170.22 points, closing at 41983.16 points. Index touched an intraday high of 42291.15 points whereas touching an intraday low of 41062.73.

In percentage terms, index was down by 0.40%.