Market Daily: KSE 100 index sheds 131.86 points, ends week at 43,363.21

LAHORE: The Pakistan Stock Exchange (PSX) had a turbulent last session on Friday where the indices swung violently. In search of direction, the indices traded both in the green and the red zone with bears winning the final battle. Foreign investors turned away and sold a net of $0.28 million in the first four sessions of the week.

The KSE 100 index lost 183.63 points to fall to intraday low of 43,311.44 short of 183.63 points from open. The index concluded the week 131.86 points in the red at 43,363.21. The KMI 30 index dripped a further 223.61 points on Friday while the KSE All Share Index fell short by 73.13 points. The advancers to decliner’s ratio stood at 128 to 217.

The market volumes came down from last sessions 220.44 million to 193.33 million. Pak Elektron Limited (PAEL +1.70 per cent) led the volume chart with 16.42 million shares traded. The company declared financials for the year ended December 31, 2017. Sales grew by 28 per cent to Rs26.17 billion but gross profit margins were down to 15.19 per cent from 18.24 per cent. With higher distribution costs, net profit contracted 29 per cent converting into per share earnings of Rs2.71.

The big names of the largest market cap sector, commercial bank, had a rough week. Habib Bank Limited (HBL) lost 1.41 per cent, MCB Bank Limited (MCB) was lower by 1.71 per cent and United Bank Limited (UBL) lost 0.07 per cent.

The oil and gas exploration sector had a relatively better week. Oil and Gas Development Company Limited (OGDC +0.91 per cent) gathered 0.91 per cent in five sessions and Pak Petroleum Limited (PPL -0.09 per cent) and Pakistan Oilfields Limited (POL +0.61 per cent) inched up by 1.22 per cent and 1.53 per cent respectively.

Market turnover was mostly confined to Industrials (21.7 per cent of total turnover – up 237 per cent on d/d basis), Materials (19.8 per cent of total turnover – up 29.6 per cent on d/d basis) and Financials (19.1 per cent of turnover – up 83.8 per cent on d/d basis). Major drag to the 100 Index came from Industrials (-1.58 per cent), Materials (-0.85 per cent) and Health Care (-0.82 per cent) on the back of heavy losses in MTL (-3.34 per cent), PIBTL (-1.96 per cent), TRG (-1.00 per cent), ENGRO (-1.36 per cent), LUCK (-1.23 per cent), FFC (-1.25 per cent), DGKC (-1.35 per cent), MLCF (-1.71 per cent) and SEARL (-1.98 per cent). On the flip side, Utilities (+0.37 per cent) and Energy (+0.15 per cent) managed to offset some of the losses amid support from SNGP (+1.28 per cent), HUBC (+0.25 per cent), KAPCO (+0.47 per cent), OGDC (+0.71 per cent) and POL (+0.61 per cent). Meanwhile, in an off-market transaction, DAWH (+1.13 per cent) and CYAN (+4.99 per cent) sold their entire shareholding in HUBC (+0.25 per cent) at 105.12 (+7.9 per cent premium to yesterday’s closing price) to Mega Conglomerate. Market participants saw a total of 203,995,695 shares of HUBC (17.63 per cent of outstanding shares) crossed in NDM.

Market participation for the 100 Index increased to 54.22 million shares (+37.5 per cent on d/d basis). Major contribution to total market volume came from PAEL (+1.70 per cent), LOTCHEM (-1.38 per cent) and NRSL (-0.59 per cent) churning 42.93 million shares out of the All Share volume of 193.4 million shares. Daily traded value for the 100 Index increased to $39.95 million from $23.78 million in the previous session (+68.0 per cent on d/d basis); PAEL ($7 million), THALL ($2.91 million) and LPL ($1.91 million) were among top contributors from traded value perspective. Major contribution to the 100 Index downside came from ENGRO (-1.36 per cent), LUCK (-1.23 per cent), MTL (-3.34 per cent), UBL (-0.96 per cent) and FFC (-1.25 per cent) taking away 99 points. On the flipside, OGDC (+1.0 per cent) added 16 points. For the outgoing week, the 100 Index gained 351.95 points (+0.82 per cent) with contribution to upside coming from POL (+4.53 per cent), OGDC (+2.79 per cent), PAKT (+5.51 per cent), PPL (+1.22 per cent) and BAHL (+2.42 per cent) adding 197 points. On the flip side, HBL (-1.41 per cent), MTL (-5.36 per cent) and FFC (-1.74 per cent) took away 98 points. The 100 index is 15 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.

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