PSX Rises by 1140 Points After Panama Verdict

The PSX, after weeks of volatility over the Panama Case verdict, responded positively to the result that was announced.

After the Supreme Court ruled that a Joint Investigation Committee (JIT) be formed to further look into the Panama Case, the market jumped rapidly by over 1800 points. It was trading at over 49,000 points in between 2pm to 2:30pm. The KSE-100 went as high as 49,509 right after the verdict announcement.

However, the benchmark index could not maintain the full momentum and adjusted to a gain of approximately 1,000 points in the hour after the verdict was announced.

KSE-100 recorded a rise of +1140.08 points or + 2.39% by the end of the trading session to close at 48743.56 points.

Foreign institutional investors were net sellers of Rs600 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Volumes increased as 199 million shares worth Rs20.33billion were traded by the end of the day.

Volumes increased dramatically after the Panama Case verdict and were at the highest level for two weeks. Commercial banks, engineering, cement and chemical sector attracted investor interest.

Shares of 383 companies were traded. At the end of the day, 305 stocks closed higher, 66 declined while 12 remained unchanged.

K- Electric Ltd was the volume leader with 29.22 million shares, losing Rs 0.06 to close at Rs 8.18. It was followed by Engro Polymer with 27.63 million shares, gaining Rs 0.51 to close at Rs 26.18, TRG Pakistan Ltd with 20.96 million shares, gaining Rs 2.33 to close at Rs 52.83 and Aisha Steel Mill with 20.23 million shares, gaining Rs 1.15 to close at Rs24.23.

Major gainers of the market were:

Major losers of the market were:

Whereas, Habib Bank Limited profits slide to 8.80% YoY downwards and Shell Pakistan Ltd announced EPS of Rs 13.05 for first quarter which increased from last year’s quarter EPS of 0.20.

Shell Pakistan Ltd announced a profit of 1.396 billion for the first quarter of 2017.

The company gained huge profits in the first quarter as previously the company just gained 21.26 million for the first quarter last year.