100 index stages a relatively sluggish session

Pakistan Stock Exchange (PSX) benchmark KSE 100 index gained 134.60 points or +0.34 per cent on Friday August 26 and closed at 39,926.70.

Market participation jumped to 160 million shares compared to 120 million shares yesterday.

Amid mixed performance across most of the sectors, National Bank of Pakistan (NBP) (+4.64 per cent) stood out among the leaders (Traded Value:  $8.7 million/ Volume: 13.3 million shares) adding 30 points to the 100 index after NBP reported consolidated NPAT of rupees 6.05 billion (EPS: Rs 2.84) in 2QCY16 vs. restated NPAT of rupees 2.76 billion (EPS: Rs 1.30) in 2QCY15. Earnings were up by 79 per cent quarter-on-quarter on a pre-tax basis.

Top contributors were Hub Power Company Limited (+2.25 per cent), Dawood Hercules Corporation Limited (+4 per cent), and National Bank of Pakistan (+4.64 per cent) adding 109 points to the 100 index while Engro Corporation Limited (-0.80 per cent), Pakistan State Oil  (-1.21 per cent) and Habib Bank Limited (-0.37 per cent) took away 34 points.

The total number of shares traded today was 159.93 million while the value of the shares traded was Rs 10.209 billion.

From a weekly perspective, the 100 index closed up 427.62 points (+1.08 per cent), getting major contribution to upside from HBL (+2.35 per cent), HUBC (+3.14 per cent), MUREEB (+27.63 per cent), MCB (2.51 per cent) and NBP (+5.12 per cent) adding 242 points. On the flip side, Pakistan Petroleum Limited (-1.92 per cent), Habib Metro Bank (-7.42 per cent) and ENGRO (-0.94 per cent) took away 64 points. Average traded volume during the outgoing week stood at 98 million shares compared to 116 million in the previous week. Average traded value for the 100 index clocked in at $63.15 million vs $90.25 million in the week before that.

“Technically speaking, the 100 index extended gains from yesterday’s close amid expanding market participation. Now it’s likely to test next resistance at its all-time previous high at 40,213 and will also meet rising trend line resistance around that level,” Intermarket Securities said.

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Abbas Naqvi
The writer is a contributing writer for Profit at Pakistan Today. He can be emailed at [email protected]
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