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Despite PM’s disqualification, PSX manages to close positive

Despite PM’s disqualification, PSX manages to close positive

KARACHI: Despite disqualification of Prime Minister Nawaz Sharif by the Supreme Court in Panama Leaks case, the Pakistan Stock Exchange managed to close positive.

However, at the end of the day, the KSE-100 Index – a benchmark for market performance – ended only 0.01% higher. The verdict of disqualification was followed by a massive plunge in the afternoon session. The KSE-100 Index fell close to 3.6% or 1,670 points as investors ducked for cover.

However, share prices took a complete u-turn as the market absorbed news and reacted positively to Nawaz’s resignation from office, suggesting that PML-N had now made its back-up plan. Some sort of political clarity and attractive valuations were enough for stock market investors who helped the KSE-100 Index erase all its losses before the session closed for the week.

The KSE-100 Index, which had fallen close to 2.5% soon after the opening bell as well, ended 6.27 points or 0.01% higher.

The stocks recorded the highest trading level of 46060.55 points and lowest level of 44235.94 points, with the volume of about 328 million shares and value of Rs21.07 billion. As many as 360 companies were active; of which 213 advanced, 134 declined and 13 remained unchanged.

Azgard Nine was the volume leader with 25 million shares, adding Rs0.92 to reach Rs14.65. It was followed by Engro Polymer with 19.74 million shares, gaining Rs0.08 to end at Rs37.03 and TRG Pak Ltd with 18.55 million shares, adding Rs1.61 to close at Rs41.37.

The top three gainers were Nestle Pakistan with price per share of 11199 (499), Philip Morris Pak with price per share of 2912.89 (137.89) and Mari Petroleum of 1696.55 (44.73).

The top three losers were Sanofi-Aventis with price per share of 1661.36 (-43.64), Lucky Cement with price per share of 711.44 (-34.59) and Pak Suzuki share of 608.79 (-27.66).

On Thursday, the stocks witnessed another lackluster session as the 100-share index, after making an intra-day high of 117 points and a low of 150 points, closed at 45,906 points after losing 3 points.

Top 5 index point performers were NESTLE (up 4.9%), HUBC (1.7%), BAHL (2.5%), OGDC (0.6%) & ABOT (up 4.9%), adding 117 points; while LUCK (down 1.1%), DAWH (1.5%), UBL (0.7%), ENGRO (0.9%) & HBL (0.4%) held back 66 points.

On the sector front, food added 41 points, power 27 points, E&Ps 15 points; while fertilizer shed 26 points, cement 19 points & OMCs 17 points.

UBL (down 0.6%) etched 2Q2017 EPS of Rs4.7, down 18% YoY & in line with expectations; the bank declared dividend of Rs3/sh. Stock closed flat as investors await outcome of SC decisions over JIT probe in the Panama case hearings.

Participation dipped with volumes falling 10% to 159m shares while traded value shed 24% to Rs6.3b/$60m. Top traded ALLSHR stocks were BOP, ANL, TRG, KEL & ASL with combined turnover (36% of total volume).