LAHORE: It seems as if there is no stopping the indices at the Pakistan Stock Exchange (PSX) as days have turned for investors who saw a rough end to the past year. Both volumes and indices jumped on Wednesday. Foreign investors too look optimistic, evident from their buying in the past two weeks.
The protest call by the opposition could not have a long-term impact on the market after the victory of the ruling party in the by-elections. The KSE 100 index staged a strong comeback and jumped 845.11 points to an intraday high of 43,659.45. It settled higher by 816.40 points at 43,630.74. The KMI 30 index appreciated 1.89 per cent or 1,394.49 with KSE All Share Index add up 439.43 points to its account. The advancers to decliners ratio stood at 298 to 68.
The market volumes urged from 225.34 million in the previous session to 327.52 million. Aisha Steel Mills Limited (ASL +5.06 per cent) and TRG Pakistan Limited (TRG +4.97 per cent) topped the volume ladder with 16.92 million and 16.72 million shares exchanged respectively.
TRG Pakistan Limited (TRG +4.97 per cent) hovered around its upper circuit breaker at close post announcement of its financials for the year ended June 30, 2017 early morning. The company reported an extension of 30 per cent in its interest income earned. The increased expenses reduced after taxation profit to Rs 5.36 million converting into per share earnings of Rs 0.01.
Among star sectors for the day was the refinery sector. The sector elevated its cumulative market capitalisation by 4.61 per cent. National Refinery Limited (NRL +4.99 per cent) touched its upper circuit breaker, Attock Refinery Limited (ATRL) appreciated 4.95 per cent, Pakistan Refinery Limited (PRL) inflated 4.80 per cent and Byco Petroleum Pakistan Limited (BYCO) by 4.30 per cent.
Technically speaking, after staging a minor retreat in the previous session the benchmark KSE 100 Index bounced off its support at 200EMA to close on a very strong note. Having retraced 38.2 per cent of the decline that started on May 25, 2017, in just a few sessions, it is advisable that investors exercise caution and reduce exposure to risky assets.
