Market Daily: 7.47 points above 40,000, KSE100 gains 337.47 

Market gains 0.99 per cent in November, to close the week flat

LAHORE: The outgoing short week saw Pakistan Benchmark KSE-100 slip to new lows before staging a bounce to close the week little changed -238 points (0.6 per cent).

During the month of Nov’17, KSE-100 was up 1 per cent as compared to 6.5 per cent fall in Oct’17, while during 2017TD the market is down by 16 per cent.

The last trading session of the month saw the Pakistan Stock Exchange (PSX) post a close in the green territory. The month of November has not been a good one for trading as the benchmark KSE 100 index closed up only 0.99 per cent. Volumes have been absent as political temperatures kept rising and economic indicators remained weak.

Top trading points during the week were the outlook on closure of furnace oil power plants in light of rising LNG imports (and allied sector impact), and speculation in outcome of KEL’s review petition scheduled for December 5, ENGRO’s removal from MSCI EM Index, OGRA’s proposed revision in Gas companies (SSGC/SNGP) tariff structure, and Pakistan’s sovereign bond issue raising $ 2.5 billion to shore up FX reserves. Average volumes rose 16 per cent week on week, while value surged 63 per cent to $ 76.3 million due to high turnover in blue chips ENGRO ($ 21 million), SNGP ($ 5 million), ATRL ($ 4.1 million) and HBL ($ 4 million).

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Stocks including PPL (-3 per cent WoW), SNGP (-8 per cent), LUCK (-3 per cent), DAWH (-5 per cent) and HUBC (-3 per cent) held 235 points from the index, while UBL (+5 per cent), ENGRO (+3 per cent), PAKT (+13 per cent), TRG (+9 per cent) and MCB (2 per cent) added 248 points. On the sector capitalisation front; OMCs and refinery shed 4 per cent apiece, E&Ps and cements were down 2 per cent each, auto assemblers, insurance, fertiliser and textile lost around 1 per cent, power was flat, banks gained 1 per cent, food was up 3 per cent.

Foreigners sold $ 39.5 million during the week compared to selling of $ 6.3 million last week. On the local front, individuals and insurance sector were net buyers of $ 8.6 million and $ 8.5 million, respectively. Selling was concentrated in Fertiliser ($ 29.5 million) and Banks ($ 5.5 million) whereas buying was seen in OMC sector to the tune of $ 2.4 million.

The benchmark KSE 100 rallied up 418.59 points during the day to 40,091.48 and settled higher by 337.47 points at 40,010.36. The KMI 30 index jumped 277.09 points to 68,096.01. The KSE All Share Index bounced 173.17 points with 171 advancers and 150 decliners ratio.

The market volumes surged from 114.91 million to 180.78 million as compared to Wednesday. TRG Pakistan Limited (TRG +2.54 per cent) led the volume ladder with 23.34 million shares traded, Engro Corporation Limited (ENGRO +0.31 per cent) followed as 22.76 million shares of the script were exchanged.

Century Papers and Board Mills Limited (CEPB +4.99 per cent) announced the signing of an agreement worth Rs 13 billion with South Korea’s Pasco Daewoo Corporation (PDC), with an eye on future expansion.

Treet Corporation Limited (TREET +4.79 per cent) informed all stakeholders via a notice to the exchange regarding its Battery Project. The project has started trial production and commercial production is expected soon.

The new owners of the exchange are in the process of getting approval from their regulatory approval to launch a fund that will invest in the top 30 listed companies in the KSE-30 Index and units of the funds would be traded like stocks at a Chinese exchange.

The exchange shall remain closed tomorrow on account of Eid Milad-un-Nabi. Normal trading shall resume on Monday, December 4.

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