Market Daily: KSE 100 picks momentum, gains 209.94 points

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LAHORE: Trading volumes at the Pakistan Stock Exchange (PSX) were extremely low here on Wednesday, however, the market managed to settle in the green, gaining 209.94 points. As uncertainty pertains, market participants continue to stay distant from the market. Foreign investors have also been net sellers for the fourth week a row.

The KSE 100 index with a mere 57.20 million shares traded travelled further over the 41,000 psychological level. The index after marking a high of 41,293.80 ended up 209.94 points at 41,259.16. The KMI 30 index added 366.74 points while the KSE All Share Index was higher by 122.27 points. The advancers to decliners ratio stood at 189 to 142.

The market volumes stood at 97.35 million down from last sessions 106.53 million. Sui Southern Gas Company Limited (SSGC +3.28 per cent) dominated the volume chart with 8.79 million shares exchanged. Post a streak of lower caps, Japan Power Generation Limited (JPGL +17.19 per cent) saw some life. The script added 17.19 per cent to its account with a volume of 7.61 million.

The engineering sector was the top pick of investors and the sector’s cumulative market capitalization swelled up by 3.96 per cent. KSB Pumps Company Limited (KSBP +4.71 per cent), Crescent Steel & Allied Products Limited (CSAP +5.00 per cent), Amreli Steels Limited (ASTL +4.99 per cent) all were seen at the day’s maximum possible price.

The automobile assembler sector posted a handsome rise of 2.19 per cent with big names Indus Motor Company Limited (INDU) inch up by 1.78 per cent, Pakistan Suzuki Motors Company Limited (PSMC) increase by 3.15 per cent and Honda Atlas Cars (Pakistan) Limited (HCAR) appreciate by 2.39 per cent.

Cherat Packaging Limited (CPPL -1.47 per cent) notified the exchange of commencement of operations of its fifth paper sack plant. The plant will enhance capacity from existing 265 million to 400 million. It will help expand product portfolio by producing smaller size bags and other related products besides the production of conventional cement bags.

Despite optimism relating international crude oil prices, oil and gas exploration sector was weak. Pak Petroleum Limited (PPL) lost 1.16 per cent and Oil and Gas Development Company Limited (OGDC) declined by 2.06 per cent.