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PSX extends gains amid China’s backing


1/3/2018

KARACHI - Pakistan Stock Exchange (PSX) continued its upward trajectory on Tuesday and the benchmark KSE 100-index surged by 776 points. The stock market kicked off negatively yesterday due to US President Donald Trump’s tweet. However, this negativity couldn’t last long as bulls entered and ruled the local bourse thereafter where the index made an intra-day high of 856 points and finally closed at 41,487 points.

The KSE 100-index took a vertical upward move that showed confidence and resolve in the face of Trump’s tweet. Chinese backing up and supporting Pakistan’s case also proved to be a confidence booster. Banking sector was partnered by oil & gas E&P sector that brimmed with confidence of higher oil prices, said AHL brokerage report. 
 
Despite US Commander-in-chief’s tweet ‘no more’ regarding US aid to Pakistan, KSE-100 extended gains for the 9th consecutive session. The Santa Clause rally which started on December 20 has boosted index by 9% or 3,567 points.
 
Last time, KSE-100 witnessed similar rally was from Dec 1-20, 2016 where market gained 11% or 4,588 points over 13 green sessions, commented Adnan Sami Sheikh at Topline Securities.
 
Top 10 index point contributors were HBL (up 3.3%), PPL (2.8%), UBL (2.9%), MCB (2.7%), OGDC (2.2%), LUCK (3.4%), POL (2.7%), MARI (4.4%), DGKC (4%) & BAHL (2.6%), adding 456 points to the index, whereas decliners were TRG (down 3.5%), SNGP (1.4%), NCPL (5%), ATLH (3.1%), SCBPL (3.8%), JLICL (1.8%), ABOT (1.1%), EFUG (1.3%), SSGC (0.9%) & PTC (1%); withholding only 44 points from the index.
 
Sector-wise, banks added 282 points, E&Ps 169 points, cement 134 points, ferts 59 points & power 30 points to the index.
 
Participation is improving; volumes rose 94% d/d while traded value shot up 135% with over Rs10.5b exchanged. Last time a similar amount was traded (barring Nov 30, 2017 FTSE rebalancing) on Nov 09, 2017 (Rs10.2bn).
 
Source: The Nation