LAHORE: After a bumpy start to the day, Pakistan Stock Exchange (PSX) managed to stand its ground in the second session. The week which opened with bleeding global markets failed to offer investors excitement. In sync with emerging markets, KSE 100 index too exhibited volatility in the outgoing week. The final trading session witnessed the KSE 100 index dropped 393.63 points to 43,286.24 in the first session. The second session brought a much-needed relief for investors when the index gained 146.73 points to mark its intraday high of 43,826.60. The index settled higher by 103.83 points at 43,783.70.
Global sell-off, on-going pension liabilities case against big banks and falling oil prices dented investor sentiments. The absence of any major positive triggers and continued foreign selling did not help either. Investors preferred to book profits or remain sidelined. This led the market to close at 44,809 points, down 492 points (-1.1 per cent), marginally lower on WoW basis.
The KMI 30 index lost 940.11 points intraday and ended short of 102.42 points. The KSE All Share Index closed 54.22 points in the green with 173 advancers and 180 decliners.
Foreigners were net sellers of $ 8.5 million worth of shares during the week against buying of $ 12.6 million during the last week. On the local front, individuals were net buyers of $ 8.7 million whereas mutual funds were net sellers of $ 5.0 million.
Traded volumes were down 4 per cent whereas traded value was down 3 per cent during the week. The market volume depleted further and was recorded at 225.49 million. Azgard Nine Limited (ANL +5.59 per cent) was the top pick of investors followed by Aisha Steel Mills Limited (ASL +3.37 per cent), volume 16.46 million, and Fauji Foods Limited (FFL +4.99 per cent), volume 14.93 million.
On the sector front; cement and E&Ps declined by 4 per cent and 2 per cent, respectively whereas food and personal care was up 1 per cent. Market capitalisation of commercial banks remained flat.
Century Paper and Board Mills Limited (CEPB +4.36 per cent) declared financials for the quarter ended December 31, 2017. The company posted a 22 per cent growth in sales compared to the last quarter which resulted in 87 per cent appreciated in net profit. Earnings per share clocked at Rs 1.81 against Rs 1.27 in the same period last year.
The week was host to the second IPO of the year. The book building process of AGP Limited completed with a strike price of Rs 80.00 which oversubscribed 1.598 times. AGP Limited is offering 35 million shares constituting 12.50 per cent of its total paid-up capital. The company is in manufacturing, marketing and sales of pharmaceutical products and healthcare products. The company has a strong foothold across the country through a comprehensive access to about 32,400 pharmacies in Pakistan through Muller & Phipps Pakistan Private Limited.
Technically speaking, market bulls staged a comeback and pushed the 100 Index up +522 points from its intraday low albeit amid thin participation.
