Market Daily: Indices inch upwards, KSE 100 gains 207.14 points

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LAHORE: The KSE 100 index continued its northbound journey while disregarding concerns emanating from the unexpected outcome of the hotly contested election for the Senate Chairman. Following a weak start, as PML-N candidates lost to opposition backed candidates; market bulls extended gains from the previous session and pushed the index closer to next technical resistance at 44,000.

The KMI 30 index added 329.80 points with improved cements and oil sector. The KSE All Share Index ended 166.00 points in the green with 204 advancers to 128 decliners.

Market participation expanded day on day basis with volume and turnover jumping 92.3 per cent and 65.5 per cent respectively. Investor participation zoomed in on materials (31.85 per cent of total turnover), financials (21.4 per cent of total turnover) and industrials (13.2 per cent of total turnover) with DGKC (+0.02 per cent), ENGRO (+0.28 per cent), EFERT (+0.77 per cent), UBL (+0.45 per cent), FABL (+0.54 per cent), MCB (+1.28 per cent), HBL (-0.31 per cent), NBP (+2.76 per cent), PAEL (+1.62 per cent) and TRG (+2.87 per cent) churning heavily.

The index continued its ascent for the 2nd straight session and closed up 207.14 points (+0.48 per cent) at 43,618.07.

Major support came from utilities (+0.94 per cent), consumer staples (+0.84 per cent) and industrials (+0.69 per cent). Gains to the KSE 100 were supported by HUBC (+1.51 per cent), SNGP (+1.00 per cent), SSGC (+2.47 per cent), PAKT (+2.00 per cent), NESTLE (+0.82 per cent), NATF (+1.69 per cent), TRG (+2.63 per cent), PAEL (+1.66 per cent) and PICT (+3.09 per cent).

Market participation in the KSE 100 index increased to 60.04 million shares (+92.3 per cent day on day basis). Major contribution to total market volume came from ANL (+5.75 per cent), NRSL (+3.54 per cent) and PAEL (+1.66 per cent) churning 25.47 million shares out of the All Share volume of 152.32 million shares. Daily traded value for the 100 Index increased to $ 43.50 million from $ 26.52 million in the previous session (+64 per cent on day on day basis); DGKC ($ 3.62 million), ENGRO ($ 3.53 million) and PAEL ($ 3.37 million) were among top contributors from the traded value perspective.

Major contribution to the KSE 100 index upside came from MCB (+1.28 per cent), HUBC (+1.51 per cent), POL (+1.01 per cent), NBP (+2.44 per cent) and UBL (+0.57 per cent) adding 81 points. The 100 index is 16 per cent above its 52-week low of 37,736.73 reached on December 12, 2017, and 18 per cent below its 52-week high of 53,127.24 touched on May 25, 2017.