Market Daily: KSE 100 opens week to a turbulent session

LAHORE: The Pakistan Stock Exchange (PSX) saw another day of dull sessions where low participation and selling in index heavyweight sectors including Banks and E&Ps led the market to close at 42,911 points, down 356 points after touching an intraday high of 43,490. The KMI 30 index dropped 749.18 points while the KSE All Share Index lost 129.89 points.

The index saw thin trading activity with volumes going down by 31 per cent and value declining by 29 per cent.

Top 5 stocks including PPL (-2.2 per cent), HBL (-1.3 per cent), OGDC (-1.5 per cent), ENGRO (-1.8 per cent) & LUCK (-1.7 per cent) withheld 180 points from the index whereas top 5 stocks including PAKT (+4.9 per cent), TRG (+5 per cent), INIL (+4.2 per cent), DAWH (+1.2 per cent) & EFERT (+0.8 per cent), added 73 points to the index.

Azgard Nine Limited (ANL -3.52 per cent) was next on the volume chart, 11.59 million. The company announced earnings per share of a negative Rs 0.04 for the second quarter of 2018.

The cable and electrical goods sector was the top loser whose market capitalisation depreciated by 2.52 per cent. Pak Elektron Limited (PAEL -4.99 per cent) opened the day at the floor price. The World Bank recently debarred the company following engagement in collusive practices in bidding for contracts. PAEL is now ineligible to participate in World Bank-financed projects for 33 months.

Technically speaking, the KSE 100 index gave its lowest closing after touching its CY18 high on 24th January 2018. Hovering just above support at 50EMA (42,856) it is expected the KSE 100 index to test previous week’s low (42,384).

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