Market Daily: Investors fight back, KSE 100 gains 608.73 points

LAHORE: Investors at Pakistan Stock Exchange put their foot down and fought back after the market opened bleeding on Thursday morning. Political disturbance after a decision by the Supreme Court against the ruling party members caused the market flight to nosedive. The market finally settled at 43,528 points + 608.73 or +1.42 per cent.

The KSE 100 index dropped 535.60 points to its intraday low of 42,384.18 later settling at the highest point of the day. The KMI 30 index also rolled both ways, down 921.80 points and up 1,557.12. It landed 1,478.56 points in the green at 73,272.47. The KSE All Share Index appreciated by 438.86 points with 209 advancers and 124 decliners.

Participation increased with improvement in sentiments despite upcoming FATF decision. Traded value was up 7 per cent and traded volumes were up 1 per cent.

Top 5 Index point contributors included UBL (-4 per cent), HBL (-1.8 per cent), ENGRO (-2.7 per cent), OGDC (-1.9 per cent) and MCB (-1.8 per cent), which added 354 points to the index.

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The market volumes were recorded at 190.43 million with Dost Steels Limited (DSL +4.47 per cent) in the lead. The script had 19.37 million shares exchanged. Sector-wise the commercial bank sector pushed up its cumulative market capitalisation by 1.08 per cent and the Oil and Gas Exploration sector added 1.94 per cent to its market cap.

Bestway Cement Limited (BWCL +5.00 per cent) posted a profit after taxation of Rs 3.10 billion in the quarter ended December 31, 2017. This is a decline of 20.51 per cent compared to Rs 3.90 billion earned in the same period last year. Earnings per share decreased to Rs. 536 in from Rs 6.55 in the same period of FY17. The board approved a cash dividend of Rs 3.00 per share.

Meanwhile, Millat Tractor (MTL) reported its 2QFY18 consolidated earnings of Rs1.5 billion (EPS Rs37.8 per share), up 46 per cent YoY mainly owing to 2ppts improvement in gross margins to 30 per cent. Revenues of the company improved by 27 per cent YoY to Rs9.3 billion despite flat volumetric sales growth in the outgoing quarter. MTL results were also supported by 131 per cent jump in other income of Rs 182 million. Along with result, the company announced a cash dividend of Rs60 per share.

Murree Brewery (MUREB) announced its 2Q2017 result where the company reported revenues of Rs4.1 billion, up 31 per cent YoY. Gross margins grew considerably by 3ppts to 33 per cent that led to 31 per cent YoY growth in net earnings (EPS Rs27.3). Along with the result, the company also announced a cash dividend of Rs10 per share (interim dividend Rs5 per share).

Technically speaking, the KSE 100 Index tested support at 38.2 per cent retracement of the recent rally and recouped most of the losses seen during last 2 sessions. Hovering well above support from 10, 20, 200 and 50EMA on daily charts, next resistance is 43,945 (intra-week high) and 44,300.

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