LAHORE: Investors at the Pakistan Stock Exchange (PSX) led a shaky start to the day following the recent exchange of tweets between the American president and Pakistan. Local politics seemed too quiet to excite yet investors showed interest in the market evident from improved volumes.
The KSE 100 index hopped to its intraday high of 41,819.75 gaining 332.88 points during the first hour. The index then lost all gains and a further 197.70 points to Wednesday’s intraday low of 41,289.17 down 197.70 points. The index settled with a small rise of 57.40 points at 41,544.27. The KMI 30 index swung between a positive 765.39 points and a negative 213.29 points to conclude higher by 490.75 points. The KSE All Share Index ended flat with only 30.43 points in the red. The advancers to decliners ratio stood at 160 to 190.
Nevertheless, the market did not stop to surprise as volumes rose 2 per cent on a day on day basis but traded value declined 9 per cent with under Rs 9.4 billion exchanging hands. The market volumes inched up from 229.28 million in the previous session to 231.54 million. K-Electric Limited (KEL +4.01 per cent) ranked on top of the volume ladder with 47.37 million shares exchanged. The Bank of Punjab (BOP +3.49 per cent) and TRG Pakistan Limited (TRG -2.42 per cent) followed with a volume of 13.40 million and 11.27 million respectively.
OGDC (+1.5 per cent), PPL (+1.4 per cent), POL (+1.4 per cent), KEL (+4 per cent), SNGP (+2.6 per cent), HASCOL (+5 per cent), HUBC (+0.7 per cent), MCB (+0.5 per cent), KAPCO (+1.4 per cent) and DGKC (+1 per cent) topped the charts adding 154 points. However NESTLE (-5 per cent), HBL (-0.9 per cent), KTML (-3.7 per cent), PMPK (-5 per cent), ABOT (-3.1 per cent), PGF (-4.9 per cent), INIL (-2.6 per cent), TRG (-2.4 per cent), ICI (-2.8 per cent) and DAWH (-0.8 per cent) struggled withholding 116 points from the indices. Sector wise; E&P added 76 points and OMC 31 points while food and personnel withheld 23 points and engineering 13 points.
Sazgar Engineering Works Limited (SAZEW +0.83 per cent) announced its board decision of approval of new project costing Rs 1.76 billion to be completed on June 30, 2019.
The sugar sector submitted its annual financials; Adam Sugar Mills Limited (ADAMS +0.15 per cent) reported a loss per share of Rs 0.17 against earnings per share of Rs 7.20 in the last financial year. Faran Sugar Mills Limited (FRSM -2.91 per cent) announced a per-share loss of Rs 7.36 against earnings per share of Rs 19.30.
Technically speaking, the KSE 100 Index extended its run-up for the 10th consecutive session and formed a Doji after testing resistance at 20 Month EMA (41,812). A breach of rising trend line support could set the ball rolling for further correction. Next major support is 50EMA (40,237) on daily charts.
