Market Daily: KSE-100 gains 3.8 per cent 

LAHORE: During the week, Pakistan Stock Market (PSX) rejoiced as political uncertainty subsided post-2018 elections with no chance of a ‘hung parliament’, leading to improved market sentiment. Pakistan Tehreek-e-Insaf (PTI) has reportedly gained around 115 National Assembly Seats, emerging as the single largest political party. The market rallied 1,564 points during the week, taking KSE-100 index to 42,786 level, up by 3.8 per cent wow, most in 17 weeks.

Banks remained the top performing sector for the second consecutive week, contributing 368 points to the index gain, as the market continues to anticipate earning accretion from further monetary tightening. Simultaneously, better industry outlook and cheap valuations in the fertilizer sector and cement sector respectively, kept market participants interested, with the two sectors contributing 506 points to the market.

During the week, Foreigners remained net sellers to the tune of $0.4 million as against net selling of $22.1 million seen during the same period last week. On the local front, Individuals were net buyers amounting to $19 million while mutual funds were net sellers amounting to $18.4 million.

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The KSE-100 index moved in the upward direction and touched an intraday high of 42,845.49 after gaining 756.33 points. The index settled higher by 697.29 points at 42,786.45. The KMI 30 index was up by 1,266.65 points and ended the day at 72,172.06. The KSE All share index appreciated by 1.11 per cent and was recorded at 30,713.41.

The market volumes took a frog’s leap upwards. They were recorded 48.60 per cent higher from the prior session at 384.85 million. Pakistan International Airlines Corporation Limited (PIAA +16.69 per cent) led the volume chart on Friday. The script had 23.92 million shares exchanged. Worldcall Telecom (WTL +9.50 per cent) and Pakistan International Bulk Terminal Limited (PIBTL +8.54 per cent) also managed to score position among the volume leaders of the day, with a volume of 20.00 million shares and 18.70 million shares respectively.

The cement sector gained 4.07 per cent in its cumulative market capitalization. D. G. Khan Cement Company Limited (DGKC +5.00 per cent) and Maple Leaf Cement Factory Limited (MLCF +5.00 per cent) touched their upper lock.  While Lucky Cement Limited (LUCK) was up 4.48 per cent. Fauji Cement Company Limited (FCCL +4.96 per cent) also ended the day with decent gains.

Security Papers Limited (SEPL +0.52 per cent) announced its financial results for the year ended June 30, 2018, on Friday. The company’s sales increased by 22 per cent from last year.  While its Earning per share decreased by 21 per cent YoY. A significant decline in other income was a major factor behind the fall.

Moreover, amongst significant results expected next week are Honda Atlas Cars (Pakistan) Limited (HCAR -0.60 per cent), Lucky Cement Limited (LUCK +4.48 per cent) and Crescent Steel & Allied Products Limited (CSAP +5 per cent).

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