LAHORE: In a narrowly traded session, bulls came out as winners. The Pakistan Stock Exchange (PSX) saw no excitement from investors at open of the week. Indices traded thin and volume disappeared, while the last hour managed to pull in some activity but was not enough to meet recent trends.
The KSE 100 index dipped 51.43 points intraday to session’s low of 43,311.85. Bulls that came in late helped rise 257.60 points to mark intraday high of 43,620.81 meanwhile the index concluded up 176.39 points at 43,539.60 points.
The KMI 30 index appreciated 435.06 points to 74,208.18 while the KSE All Share Index crawled up 11.43 points. The advancers to decliners ratio remained in balance with 182 in green and 180 in red.
The market volumes were recorded at 115.73 million with 35.95 million shares traded in the KSE 100 scripts. Lotte Chemical Pakistan Limited (LOTCHEM +3.40 per cent) topped the volume chart with 20.11 million shares exchanged. Nimir Resins Limited (NRSL +9.57 per cent) and Fauji Foods Limited (FFL +3.48 per cent) were next but behind by miles, volume 9.49 million and 6.05 million respectively.
Support to intraday gains came from industrials (+1.20 per cent), energy (+1.16 per cent) and healthcare (+1.06 per cent), led by gains in MTL (+2.31 per cent), TRG (+1.67 per cent), OGDC (+2.31 per cent), POL (+2.13 per cent), PSO (+3.09 per cent), ABOT (+3.58 per cent) and SHFA (+3.73 per cent). Investor appetite shot up for energy plays over the fate of Iran’s nuclear deal in the wake of the firing of Rex Tillerson and as investors await clarity on the windfall levy case being heard in IHC.
Pakistan Suzuki Motors Company Limited (PSMC +3.95 per cent) declared financials for the year ended December 31, 2017. The company posted a 33 per cent growth in sales to Rs 101.81 billion but gross profit margin narrowed down to 9.48 per cent from 9.60 per cent. Profit after taxation inflated by 38 per cent to Rs 3.83 billion which converted into per share earnings of Rs 46.49.
Habib Bank Limited (HBL -1.36 per cent) managed to push up markup earned by a minor 3 per cent but the settlement payment to New York Department of Financial Services pulled down profits by a massive 77 per cent to Rs 7.06 billion. Earnings per share clocked at Rs 4.82 against Rs 21.69 of the last year.
Moreover, global markets declined in Monday’s session as investors braced for a week packed with risk events, from central bank decisions to Brexit talks to a G-20 gathering. Market turnover was mostly confined to energy (30 per cent of total turnover), materials (29.8 per cent of total turnover) and financials (14.8 per cent of turnover).
Technically speaking, the KSE 100 index edged higher amid thin participation to close on a buoyant note. Northbound moves are likely to face stiff resistance on move past 43,900 – 44,000 (44,044 intraday high from March, 6). On the flip side, 43,000 is expected to provide immediate support.
