LAHORE: After the brutal bloodbath on Monday, the bulls of the Pakistan Stock Exchange (PSX) made a great effort to pull the index back. The indices carried on weak sentiments from the last session and lost over 1 per cent in the first hour of trading, however, were quick to recover.
The KSE 100 index slipped 653.55 points to reach intraday low of 41,845.31 but later jumped up to session’s high of 42,608.08 with a 109.22 point gain. Nevertheless, the index ended little changed at 42,459.53 down 39.33 points. The KMI 30 index made a comeback from 1,374.77 points in the red to end up with 124.50 points in its bag. The KSE All Share Index closed with a loss of 120.32 points.
Market participation for the KSE 100 index increased to 111.64 million shares (+14.5 per cent on d/d basis). Major contribution to total market volume came from FCCL (+0.62 per cent), BOP (+3.29 per cent) and PAEL (-1.43 per cent) churning 40.97 million shares out of the All Share volume of 181.1 million shares.
Daily traded value for the KSE 100 index shot up to $63.99 million from $51.0 million in the previous session (+25.5 per cent on d/d basis); DGKC ($7.6 million), ENGRO ($5.3 million) and PAEL ($4.0 million) were among top contributors from traded value perspective. Major contribution to the KSE 100 index downside came from NESTLE (-5 per cent), LUCK (-1.68 per cent), and PPL (-1.03 per cent) taking away 135 points.
On the flip side, OGDC (+1.24 per cent), SNGP (+3.25 per cent) and POL (+1.06 per cent) added 59 points. The KSE 100 index is 13 per cent above its 52-week low of 37,736.73 reached on December 12, 2017, and 20 per cent below its 52-week high of 53,127.24 touched on May 25, 2017.
Honda Atlas Cars (Pakistan) Limited (HCAR -1.43 per cent) announced its financial result for FY18 where earnings clocked at Rs 6.49 billion up by 6 per cent YoY as compared to Rs 6.14 billion in the same period last year. Sales revenue in grew by 46 per cent YoY while gross profit margin fell by 3.11 per cent YoY. Earnings per share stood at Rs 45.48 along with a final cash dividend announcement of Rs 22.75.
Moreover, Morgan Stanley Capital International (MSCI) announced outcome of its 2018 Semi-Annual Review and although there has been no change in the MSCI main index, a total of three companies including IGI Holding Limited (IGIHL -1.69 per cent), National Refinery Limited (NRL -3.13 per cent) and Pak Electron Limited (PAEL -1.43 per cent) have been excluded from MSCI small cap.
Meanwhile, Oil and Gas Development Company Limited (OGDC +1.24 per cent) maintained its position in the MSCI EM Index in the as a large-cap script and Habib Bank Limited (HBL -0.01 per cent), MCB Bank Limited (MCB +0.50 per cent), United Bank Limited (UBL +0.05 per cent) and Lucky Cement Limited (LUCK -1.68 per cent) in the mid cap script category.
