Closing Bell: Bulls dominate as KSE-100 moves up by 2.5%; gains 1030.82 points

The KSE-100 index would be best described by the opening lines of the novel A Tale of Two Cities, “It was the best of times; it was the worst of times”. Such has been the case with the index in the incumbent year, during the first few months; Index was rallying like a kite with never ending string. And then came the fall which has started to feel like a bottomless pit ever since the MSCI inclusion. The index performance has been dismal and disastrous to say the least.

August saw the index decline to its lowest (month on month) since the 09’ falls. The markets have witnessed whatever Pakistan can offer on its worst day ranging from Political Turmoil and shallow economic underbelly which has brought the county on a verge of seeking another IMF bailout.

Index finally crossed the 42000 level today closing on 42310 points, after industry reports claim that Institutional buying was the major player in today’s push upwards. Index participation also witnessed a good upward shift as KSE All Shares Index trading volumes crossed over 170 million shares, up by 75% from yesterday’s tally and 40% from the monthly average.

In Corporate news, Kohinoor Mills Limited (KML), Pakistan General Insurance Company Limited (PKGI) and Maple Leaf Cement Factory (MLCF) announced financial results for the six, half-year and twelve months period. MLCF reported an increase of 4 percent in Net Sales for the period whereas the Profit for the company increased by 2.20 percent.

While commodities were relatively unmoved, Gold today performed relatively better after a sharp drop in prices on Monday and yesterday. Silver spot prices were slightly upward in today’s session trading at $17.89 up by 0.03 dollars from previous close; Silver Prices have risen by 4.5% in the last thirty days.

Remittances inflows from UK and European Union rose by 33% and 45% respectively in the last two months. The increased inflow was helped by exchange rate fluctuations in Euro and Pound on Banking Counter and Open Market Operations on one hand and vacations season (EidulAzha) on the other.

KSE-100 Index at the day gained a total of 1030.82 points, closing at 42310.12 points. Index touched an intraday high of 42346.23 points whereas touching a low of 41279.30.

In percentage terms, index was up by 2.50%.

5 – Gainers of the Day

Symbol

Name

Change

BATA

Bata Pakistan

120

NESTLE

Nestle Pakistan Ltd.

114

MARI

Mari Petroleum

71.21

INDU

Indus Motors Ltd.

50

WYETH

Wyeth Pakistan

40

 

5 – Losers of the Day

Symbol

Name

Change

ATBA

Atlas Battery Ltd.

-36.99

SHFA

Shifa International Hospitals

-15.19

BTL

Blessed Textiles Ltd.

-12.09

EFUL

EFU Life Insurance

-7

BUXL

Buxly Paints Ltd.

-6.11

 

Volume Leaders

Symbol

Name

Volume

ANL

Azgard Nine Ltd.

22,077,000

TRG

TRG Pakistan

11,068,500

BOP

Bank of Punjab

8,969,500

ASL

Aisha Steel Ltd.

8,689,000

KEL

K-Electric Pakistan Ltd.

8,361,500

PAEL

Pak Elektron Ltd.

7,057,100

DFML

Deewan Farooque Motors Ltd.

4,862,500

POWER

Power Cement

4,814,500

EPCL

Engro Polymer & Chemicals Ltd.

3,657,500

OGDC

Oil & Gas Development Co.

3,546,700

Posted on: 2017-09-13T17:37:00+05:00