LAHORE - Pakistan equities went through another tough ride where the index slid to an intraday low of 41,750 level, shedding 696 point. Though the market later recovered to some extent due to investors' interest in select stocks, it closed down 485 pts amid lack of triggers and not-so-excited corporate results.

Engro lost steam at first on poor corporate result announcement and fell 4percent. However, it later recovered and managed to close -2.2percent as investors took fresh position after they discovered that ENGRO booked one-time non cash expense of Rs2bn on account of prudent tax measures in its JV company. Banks, Cement, Fertilizer and Oil & Gas Marketing cumulatively chipped away 156 pts from the index. Trading activity remained dull as volumes declined by 2percent to 142.2mn shares while value fell 15percent to US$58.1mn.

Descon Oxychem Limited (DOL) announced its 4QFY18 result posting diluted EPS of Rs0.77 up 5.30x times YoY. Better earnings were a result of improved sales, up 33percent YoY and higher margins, up 20ppts YoY to 39percent in 4QFY18. DOL also announced dividend on preference shares of Rs12/share.

Nestle Pakistan announced its 2Q2018 result with EPS of Rs63.30 down 25percent YoY. Lower gross margins, down 4ppts to 35percent YoY and increased financial charges by 56percent YoY dragged down the company's earnings. Nestle also announced a dividend of Rs110 per share.

BAHL announced 2Q2018 consolidated earnings of Rs2.1bn (EPS Rs1.9/share), up 1percent YoY. Net Interest Income (NII) of BAHL improved by 21percent YoY to Rs7.9bn during the quarter, driven by volumetric deposit growth and higher interest rates. Non-markup income of the bank was down 36percent YoY to Rs1.9bn due to lower capital gains.

Shell Pakistan   announced its 2Q2018 result with EPS of Rs2.31 down 74percent YoY vs. Rs8.8 in the similar quarter last year. The decline is attributed to lower volumes down by 30percent YoY (HSD down 45percent YoY & Mogas down 12percent YoY). SHEL announced cash dividend of Rs7 per share.

Philip Morris Pakistan announced its 2Q2018 result posting EPS of Rs5.18 up 298percent YoY vs. LPS of Rs2.65 in the similar period last year. Sales for the company improved by 58percent YoY, gross margins were up 3ppts to 41percent YoY and financial charges were down 87percent YoY, all of which contributed positively to the company's earnings.