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Closing Bell: PSX gains more than 700 points after a turbulent early session

Market activity graph during the day resembled that of an ECG result. The market opened without any support falling 323 points but within a span of nine minutes gained 600 points and was at +317. The markets continued this up and down graph up till noon, after which the markets stayed up and contained its positive momentum right before closing bell when it lost 300 points again.

However, markets fared better than yesterday’s bloodbath which took away an approximate of 1900 points form the market. The market bled owing to the rising uncertainty in the political corridors of the country as it has taken away the positive sentiment from the market. The summoning of Finance Minister by the JIT, Mr. Ishaq Dar sent the shockwaves throughout the financial circles as was seen in the yesterday’s performance.

Mr. Naeem Rafi of Rafi Securities commented on today’s session, “Today’s upward turn was a correction to yesterday’s immediate and sudden fall.” Furthermore, “There has been seen an interest from foreign buyers as well as the market is currently undervalued”.

He said that, “Yesterday’s carnage can be attributed to the ongoing political situation in the country, with JIT report, the looming uncertainty the markets are not able to hold on to the Bullish sentiment.”

Commenting on the future of the market in the coming weeks, he said that, “Everybody has been having it the wrong the way, the JIT report submission will not be the end of the political drama, the case proceedings will continue to hurt the market into the next few months even after the JIT has submitted its findings”.

He also said there is no easy respite for the market even after the announcement “Although, after the report submission the markets will become relatively immune to the court proceedings, but will however have a tougher trial to face.”

He argued once JIT decision is out in the open, the market will trade on the economic fundamentals and indicators, “It is a difficult road ahead after JIT report, because the economic numbers  are not so good; with deficit rising, debt piling on the numbers present quite a bleak picture”.

The markets have suffered tremendously since the Panamagate scandal has engulfed the current administration. PSX was up by a whopping 45.68% last year compared against the -2.60% decline in the first half of the CY17.

The session witnessed a cumulative incline of 728.65 points or a 1.63 percent.

The index touched an intra-day high of 45686.03 and a low of 44328.20 points, and closed at a tally of 45394.06 points.

The net percentage gainers by price during today’s session were; Rafhan Maize Products Limited RMPL +2,19%, Hino-Pak Motors Limited HINO +4.73%, Sapphire Fibres SFL +4.35%, Mari Petroleum MARI +3.09% and Wyeth Pakistan WYETH +1.83%.

The net percentage decliners during the session were; Unilever Pakistan Foods Limited UPFL -2.52%, Bata Pakistan BATA -3.03%, Sanofi-Aventis Pakistan Limited SAPL -2.24%, Exide Pakistan EXIDE -2.42% and Agriauto Industries Limited AGIL -5.00%.

Top 10 volume Leaders; Engro Polymer and Chemicals EPCL 14.7 million, The Resource Group TRG 14.2 million, K-Electric KEL 13.4 million, Habib Metropolitan Bank HMB 7.5 million and Aisha Steel Mills ASL 7.2 million.

All Share Volume increased by 33.7 Million to 190.10 Million Shares. Market Cap increased by Rs. 487 billion.

Total companies traded were 382 compared to previous session’s number of 361. Of the scrips traded 228 closed up, 131 closed down while 23 remained unchanged.

Total trades increased by 18,218 to 68,011.

Value Traded increased by 0.86 Billion to Rs.9.70 Billion.

Posted on: 2017-07-04T17:44:00+05:00
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