LAHORE: Market watchers in Tuesday’s session disregarded the decision of the National Assembly Standing Committee on Finance to unanimously reject two bills for declaration of domestic and foreign assets as the KSE 100 index gained 504.74 points, closing at 45876.70.
Bulls staged a coup d’état on market bears and pushed the 100 Index higher amid expanding volume and turnover (+36.7 per cent and +81.4 per cent respectively on d/d basis). Materials (36.5 per cent of total turnover, up 98 per cent on d/d basis) topped the charts amid heavy participation in DGKC (11.6 per cent of total turnover), ENGRO (4.9 per cent of total turnover) and EPCL (4.6 per cent of total turnover). Honourable mentions also include EFERT (2.9 per cent of total turnover), LUCK (2.8 per cent of total turnover) and ISL (2.1 per cent of total turnover). Energy (19.8 per cent of total turnover – up 246 per cent on d/d basis) followed a similar trend thanks to heavy turnover in OGDC (5.7 per cent of total turnover) and PSO (8.5 per cent of total turnover). Among Consumer Discretionary names (13.6 per cent of total turnover, up 54 per cent on d/d basis) HASCOL (7.2 per cent of total turnover) stood out like a sore thumb and closed at its upper circuit breaker.
Contribution to the 100 Index gains came from Energy (+1.71 per cent), Consumer Discretionary (+1.15 per cent), Financials (+1.14 per cent) and Materials (+1.04 per cent). Major gains were attributable to robust performance from OGDC (+1.76 per cent), PSO (+3.56 per cent), POL (+1.81 per cent), PPL (+0.88 per cent), PSEL (+5 per cent), HASCOL (+5 per cent), UBL (+1.90 per cent), HBL (+1.21 per cent), BAHL (+1.42 per cent), HMB (+2.87 per cent), MCB (+0.70 per cent), LUCK (+2.29 per cent), ENGRO (+0.79 per cent), FFBL (+4.99 per cent) and DAWH (+1.27 per cent) among others.
Among notable earnings announcements, ICI announced 3QFY18 unconsolidated NPAT of Rs1.0 billion (EPS: Rs10.85), up 17 per cent YoY/ 39 per cent QoQ, attributable to (i) 22 per cent YoY increase in topline, and (ii) ETR of 12 per cent compared to 25 per cent in the same period last year. FFBL announced 1QCY18 unconsolidated NLAT of Rs449 million (LPS: Rs0.48). The result was lower than our expectation of NLAT Rs364 million (LPS: Rs0.39) attributable to higher capacity payments to the power subsidiary and lower fertilizer plant operational days.
Market participation for the 100 Index increased to 84.50 million shares (+36.8 per cent on d/d basis). Major contribution to total market volume came from PAEL (-4.15 per cent), EPCL (-0.21 per cent) and FFL (+4.98 per cent) churning 26.89 million shares out of the All Share volume of 154.28 million shares. Daily traded value for the 100 Index increased to $61.26 million from $33.73 million in the previous session (+81.6 per cent on d/d basis); DGKC ($7.07 million), PSO ($5.19 million) and HASCOL ($4.40 million) were among top contributors from traded value perspective. Major contribution to the 100 Index upside came from LUCK (+2.29 per cent), OGDC (+1.76 per cent), UBL (+1.90 per cent), HBL (+1.21 per cent) and PSO (+3.56 per cent) adding 185 points. On the flip side, BAFL (-1.87 per cent) and PAEL (-4.15 per cent) took away 22 points. The 100 index is 22 per cent above its 52-week low of 37,736.73 reached on December 12, 2017 and 14 per cent below its 52-week high of 53,127.24 touched on May 25, 2017.