Daily Stock Report: PSX Gains 234 Points as Verdict on Panama Stays Reserved

Pakistan Stock Exchange Stocks closed the week on a positive note after a bobbing session. KSE100 continued south trend in the first half losing 500+ points intraday touching 44,548.36 points however in the second half bourse turned around recovering intraday losses gaining 234.46 points to end at 45,294.39 points as SC reserves verdict on panama JIT report.

The index continued the trend with extremely low volumes in the first half of the trading session and after the news came that SC has concluded the hearing of the Panama gate case and reserved its judgment, the volumes started recover in the second half as the buying spree was seen in the 2nd half of the day.

The index tested the day’s high at 45382.22 points. The day’s low of 44548.36 came towards market close. Overall 122 million shares were traded. In KSE 100 index only 56.60 million shares were traded with a total worth of nearly Rs 5.15 billion.

Pakistan equities finished higher after seeing volatile trading and dull volumes amid heightened political noise.

Total of 350 companies changed hands where 204 advanced, 128 declined and 18 remained unchanged. The companies those contributed the most in bringing the index up includes MARI, UBL, PPL, MTL and TRG cumulatively adding 110.14 points in the index.

TECHNOLOGY & COMMUNICATION was the top traded sector with total traded volume of 16,647,000 shares. It was followed by ENGINEERING with a total traded volume of 13, 946,500 shares and TEXTILE sector with a total traded volume of 11,356,960.

TRG Pak Ltd was the volume leader with 14.10 million shares, gaining Rs 1.76 to close at Rs38.63. It was followed by Dewan Motors with 8.39 million shares, gaining Rs 1.47 to close at Rs 40.09, Azgard Nine with 6.34 million shares, gaining Rs 0.63 to close at Rs 11.97 and Engro Polymer with 5.77million shares, gaining Rs 1.01 to close at Rs 35.70.

Top advancers of the market were:

Top decliners of the market were:

During the first two days of the week KSE-100 index closed in green zone cumulatively gained 1,300 points but later on 3rd and 4th day prevailed political heaviness. Authenticity of documents submitted by Nawaz Sharif, adjourning of Panama case hearing till Friday and weak economic indicators put some serious pressure on stock market and hammered the index by 576 points.

Average volume traded during the week clocked in at 134 million shares witnessing a dip of 24.7% as against the last week average volume of 178mn shares and average value of shares was PKR 7.5 billion.