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Stocks open bullish with 133pts gain

Stocks open bullish with 133pts gain

KARACHI: The Pakistan Stock Exchange Tuesday opened bullish as the benchmark 100-index added 133 points to reach 41260 points level.

On Monday, the stocks started new week on a bearish note and witnessed another lackluster session on Monday, as the 100-share index lost 274 points and closed at 41,127 points.

There wasn’t much exchange in the market even though many value stocks announced their financial results including APL (down 3.02%), NRL (down 4.80%), POL (down 3.12%) and ATRL (up 0.77%).

Market opened positive as HBL (up 5%) opened at its upper circuit after the news that it had paid off its penalty of $225m through foreign loans. APL announced its FY17 result where the company posted an EPS of Rs63.89 and DPS of Rs27.5, taking full year DPS to Rs42.50, lower than expectations. ATRL posted an EPS of Rs63.47 and cash dividend of Rs6.0/share, whereas NRL posted an EPS of Rs100.61 and cash dividend of Rs22.5/share. POL (down 3.12%) announced its FY17 result, posting an EPS of Rs40.94 and cash dividend of Rs25/share, taking full year DPS to Rs40.0.

Volume declined 33% at 95m shares while value traded shed 34% at Rs5.5b/$52.7m. Scrips of total 374 active companies participated in the session of which 259 concluded in red, 93 in green while 22 remained unchanged.