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Stocks open flat

Stocks open flat

KARACHI: The Pakistan Stock Exchange (PSX) Thursday remained flat in early trading as the benchmark 100-index added 14 points to reach 45923 points level.

On Wednesday, the stocks remained lackluster as the 100-share index, after trading between an intra-day high of 189 points and a low of 60 points, close at 45,908 points after losing 9 points, owing to jitters from the political backdrop.

Despite dull activity, market appeared to consolidate as prices have fallen down to extremely attractive levels. MEBL (down 0.52%) from the commercial banks declared its 1H2017 result. In its result, the bank posted EPS of Rs3/share. The bank also announced first interim cash dividend of Rs1.75/share and a right issue of 6% at Rs50/share (Rs3b).

FFBL (up 1.49%) from the fertilizer sector announced its 2Q2017 result as well. In its result, the company posted an LPS Rs0.27/share and a dividend of Rs0.10/share.