Market Daily: KSE100 gains 18.45 points as Sharif family is summoned by the court

LAHORE: The Pakistan Stock Exchange (PSX) ended around its open levels. The KSE 100 index jumped up 231.68 points to intraday high of 41,262.45 and lost all these and a further 27.72 points to touch day’s low of 41,003.05. The index ended almost flat, up by 18.45 points at 41,049.22.

Activity improved from yesterday’s buggy session as value rose 25 per cent while volume gained 41 per cent with JPGL’s 25 million shares turnover.

Volumes remained thin again as the former prime minister appeared before the National Accountability Bureau along with his daughter and son-in-law. Experts are suggesting that the exchange is likely to lose weight in the MSCI emerging market index in the upcoming review due to the recent downtrend.

The KSE 100 index rolled up by 168.17 points intraday and down to low of 135.73 points. It settled little changed with a 33.23 points loss at 41,030.77. The KMI 30 index jumped up 401.62 points to 71,071.42 while the KSE All Share Index declined 129.27 points to 29,229.90. The advancers to decliners ratio stood at 98 to 221.

The benchmark KSE 100 index has lost around 19 per cent since inclusion in June. Meanwhile, the MSCI EM Index recorded an appreciation of 12 per cent.

The KMI 30 index had a relatively better trading session. The index gathered 0.96 per cent to reach day’s high and closed with an appreciation of 0.22 per cent. The KSE All Share Index was up 70.35 points as 129 scripts advanced and 197 declined.

Index point leaders were NESTLE (+5 per cent), HBL (+0.7 per cent), PPL (+0.9 per cent), POL (+1.1 per cent) & MARI (+2.1 per cent) adding 93ts; while MCB (-1.2 per cent), KTML (-5 per cent), SNGP (-2 per cent), HUBC (-0.9 per cent) & UBL (-0.5 per cent) withheld 73 points.

Sector-wise; E&P’s added 56 points amid rising crude prices, food added 30 points with around $ 1.0 million worth of NESTLE exchanging hands, auto assemblers added 28 points with PSMC (+5 per cent) & MTL (+2.8 per cent) gaining on the back of buoyant sales expectations; power eroded 24 points weighed down by HUBC and KEL (Rs 5.35, -2.2 per cent) which slipped to a 4 year low.

The market volumes were thin on par with the ongoing trend and a total of 106.53 million shares were exchanged during the day. Japan Power Generation Limited (JPGL -22.42 per cent) contributed 23 per cent to the total, 25.09 million. The script dropped on the second day after the Securities & Exchange Commission of Pakistan (SECP) decided to file a winding-up petition with the Lahore High Court (LHC) for the company.

Crude prices witnessed further gains overnight sparked by rising Saudi tensions. WTI rose $ 1.7 per barrel, shooting over the $ 57 mark while Brent was trading at $ 64 per barrel and Arab Light $ 61.7 per barrel. Resultantly, the KSE 100 index gained 232 points to an intraday high of 41,262 points with PPL surging past Rs 200 per share. However, reservation of a court verdict and subsequent media speculation that it may be announced at 3 pm around the end of the session triggered some profit-taking. Though the index ended the day little changed (+18 points), PPL managed to close at a 3 year high of Rs 199 per share.

The oil and gas exploration sector failed to post impressive returns as international crude oil prices were up to levels not seen since 2015. The sector topped up its cumulative market capitalization by only 0.80 per cent. Mari Petroleum Company Limited (MARI) increased 2.14 per cent, Pakistan Oilfields Limited (POL) was higher by 1.14 per cent, Pak Petroleum Limited (PPL) elevated 0.88 per cent and Oil and Gas Development Company Limited (OGDC) rose up by 0.35 per cent.

In a recent notice on PSX, Pakistan Oilfields Limited (POL +1.14 per cent) notified another hydrocarbon discovery. The block is situated in Zone 1 and the discovery will be priced under the Petroleum Policy 2012.

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