LAHORE: The KSE100 Index traded higher on Tuesday, despite a weak open as it ignored regional markets which traded lower amid sharp overnight declines on Wall Street following a drop in tech stocks and trade-related worries.
Investor interest in Materials (mainly cement and fertiliser) came to the rescue and pushed the 100 Index higher as it touched 46,000 in the first session. However, bouts of profit-taking kept the 100 Index volatile and after testing the 46,000 mark multiple times the benchmark index closed up 271.91 points (+0.59 per cent) at 46,013.34 – just shy of its intraday high of 46,057.53. Banks came back into the lime light after posting sharp losses in the previous session. Market volume and turnover remained flattish – up 5.3 per cent and 5.1 per cent respectively on d/d basis. Energy (17.53 per cent of total turnover – up 80.8 per cent on d/d basis) saw renewed investor interest despite overnight losses in crude oil prices as POL (6 per cent of total turnover – up 230.6 per cent on d/d basis) touched fresh all-time highs amid market rumors of new discoveries. Turnover in Materials staged a breather (down 7.26 per cent on d/d basis) despite FFC (4.15 per cent of total turnover – up 538.8 per cent on d/d basis) taking centre stage following the release of material information at the local bourse.
Major contribution to index gains came from Industrials (+1.51 per cent), Energy (+1.06 per cent) and Materials (+0.94 per cent), thanks to MTL (+5 per cent), POL (+5 per cent), APL (+3.21 per cent), PSO (+0.72 per cent), SHEL (+3.06 per cent), FFC (+3.58 per cent), ISL (+3.43 per cent), FCCL (+2.64 per cent), FFBL (+4.20 per cent) and MLCF (+2.49 per cent). HASCOL (-0.71 per cent) announced 4QCY17 NPAT of PKR 237 million, down 21 per cent YoY. In market related news, FFC (+3.58 per cent) intends to invest up to $121 million in Thar Energy as it plans to make $39 million equity investment and $82 million under sponsor support commitments in Thar Energy.
Market participation for the 100 Index increased to 135.74 million shares (+5.9 per cent on d/d basis). Major contributions to total market volume came from LOTCHEM (+3.69 per cent), KEL (+1.16 per cent) and WTL (-3.11 per cent) churning 74.59 million shares out of the All Share volume of 282.55 million shares. Daily traded value for the 100 Index increased to $81.22 million from $78.11 million in the previous session (+3.79 per cent on d/d basis); ISL ($5.93 million), PSO ($5.26 million) and BAFL ($4.99 million) were among top contributors from traded value perspective. Major contribution to the 100 Index upside came from POL (+5 per cent), FFC (+3.58 per cent), MTL (+5 per cent), BAHL (+1.91 per cent) and THALL (+4.46 per cent) adding 190 points. On the flip side, HBL (-0.55 per cent) and COLG (-5 per cent) took away 33 points. The 100 index is 22 per cent above its 52-week low of 37,736.73 reached on December 12, 2017 and 13 per cent below its 52-week high of 53,127.24 touched on May 25, 2017.
