LAHORE: Investor emotions dominated the market behaviour at Pakistan Stock Exchange (PSX) here on Thursday following a robust open that pushed the KSE 100 index to new CY18 highs of 44,004.21 after the joint opposition’s gathering to “force PML-N out of power” ended with no concrete plans last night.
Within the first hour, the KSE 100 index peaked out for the day and started retracing intraday gains amid heavy market participation. Volume and turnover for the KSE 100 index shot up by 95 per cent and 111 per cent respectively as animal spirits took charge of the situation, underpinned by fear running amok on the streets – fear of missing out.
To recall, PSX has rallied significantly after bottoming out last month around the 38,000 mark territory. Since then banks and cements have rallied amid untethered optimism and foreign net buying of $ +71.11 million YTD.
The KSE 100 index jumped to an intraday high of 44,004.13 points with an appreciation of 645.16 points before the midday heat. The index dropped down to low of 43,192.75 with a loss of 166.22 points. It managed to recover the loss and close higher by 221.91 points at 43,580.88. The KMI 30 index rallied 1.58 per cent early and later fell by 0.54 per cent before it settled up 309.21 points at 73,592.42. The KSE All Share Index accumulated 118.06 points with 217 advancers and 148 decliners.
The market volumes climbed up to 268.46 million. This was a huge leap up from Wednesday’s 151.34 million. TRG Pakistan Limited (TRG -0.93 per cent) was volume leader with 17.58 million shares exchanged followed by Lotte Chemical Pakistan Limited (LOTCHEM +5.90 per cent) which posted a volume of 15.43 million. Azgard Nine Limited (ANL -0.53 per cent) was next with volumes of 6.70 million.
The chemical sector was top performer of the day which pushed up its market capitalisation by 3.18 per cent. Colgate – Palmolive (Pakistan) Limited (COLG) appreciated with 4.96 per cent added to its bag. Archroma Pakistan Limited (ARPL +2.46 per cent) and ICI Pakistan Limited (ICI +2.43 per cent) also posted decent gains.
Food and personal care sector saw a 2.22 per cent rise in its market cap, meanwhile, Nestle Pakistan Limited (NESTLE +2.86 per cent) led the sector.
Maple Leaf Cement Factory Limited (MLCF +1.25 per cent) through a notice to the exchange informed about decision of the Lahore High Court. The court approved by the Environmental Impact Assessment (EIA) filed by the company and the order of Environmental Protection Agency (EPA) to cease construction work at new-line 3 of has been set aside.
