LAHORE: Following another buoyant open amid thin participation the 100 Index retraced intraday gains (+171.8 points; +0.39 per cent) and closed in red as market bulls failed to muster enough strength to push market bears away. Taking its inspiration from the previous session the inherent weakness in market sentiment driven by strong concerns on politics and state of the economy took its toll on 100 Index performances once again. The day ended on a negative note with the 100 Index closing down -260.99 points (-0.6 per cent) at 43,594.79 – well below the highly coveted support at 200EMA (43,791.80). Staging its first closing below 200EMA after touching 41,144.12 on 6th April, 2018 and losing 3,549.33 points (-7.53 per cent) on the way down the stage is set for the 100 Index to lose further ground. Volume for the 100 Index shot up 16.1 per cent on d/d basis as retail favourites dominated the 100 Index, thanks to SSGC (11.8mn), UNITY (11.6mn) and FCCL (11.5mn). Traded value, however, remained flattish at USD 40.65mn (-3.8 per cent on d/d basis) as investors continue to shy away from the market. From sector perspective, Materials (39.4 per cent of total turnover), Utilities (25.6 per cent of total turnover) and Consumer Discretionary (12.6 per cent of total turnover) managed to stay in the limelight.
Major drag to the 100 Index declines came from Utilities (-1.90 per cent), Industrials (-1.11 per cent) and Consumer Discretionary (-0.84 per cent) amid panic selling/ profit taking in HUBC (-2.34 per cent), SNGP (-3.96 per cent), TRG (-4.08 per cent), THALL (-2.53 per cent), NML (-1.47 per cent) and HCAR (-1.83 per cent). Additional drag came from select names in Health Care (-0.71 per cent), Energy (-0.60 per cent) and Materials (-0.59 per cent) as SEARL (-1.20 per cent), PPL (-0.60 per cent), PSO (-1.17 per cent), OGDC (-0.44 per cent), LUCK (-1.02 per cent) and ENGRO (-0.65 per cent) closed in red. After posting back to back losses, the 100 Index lost -942.12 points (-2.12 per cent) during the outgoing week with main contribution to downside coming from HBL (-3.28 per cent), UBL (-4.25 per cent) and LUCK (-4.43 per cent) taking away 242 points.
Market participation for the 100 Index increased to 86.29mn shares (+16.1 per cent on d/d basis). A major contribution to total market volume came from DCL (+0.87 per cent), FDIBL (-19.76 per cent) and SSGC (+4.17 per cent) churning 38.22mn shares out of the All Share volume of 164.7mn shares. Daily traded value for the 100 Index remained flattish at USD 42.75mn from USD 42.25mn in the previous session (1.19 per cent on d/d basis); DGKC (USD 6.54mn), SNGP (USD 4.04mn) and SSGC (USD 3.73mn) were among top contributors from traded value perspective. Major contribution to the 100 Index downside came from HUBC (-2.34 per cent), SNGP (-3.96 per cent), LUCK (-1.02 per cent), PPL (-0.60 per cent) and ENGRO (-0.65 per cent) taking away 98 points. On the flip side, HBL (+0.70 per cent), SSGC (+4.17 per cent) and UBL (+0.44 per cent) adding 35 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.
Technically speaking, the 100 Index slipped below the coveted 200EMA support and closed on a bearish note. Immediate supply zone is at 20WEMA (44,139). Next support is 43,386 but a breach below could revisit lows from February 2018 (42,800ish).
