Daily Stock Report: Market Continues Upward Trend Despite Trump’s Childish Statements

Pakistan Stock Exchange has rejected US President Donald Trump’s hostile statement against Pakistan. The market reacted in a positive way as the investors rejected Trump’s statement. It traded above 41,400 levels, up by 2% on intra-day basis. Another bullish session was seen today.

At the end, the market saw a gain of +775.83 points or +1.91% to close at 41,486.87 points.

Pakistan equities closed higher on 2nd day of 2018, with the benchmark KSE 100 Index extending gains to settle over 41400 levels. Market started on a negative note over the recent Trump’s tweet however, as the day progressed, a number of stocks witnessed buying and rebounded from their lows.

The market saw a low of -177 points and then went onto gain +855 points during the intraday.

KSE-100 Index finally shifting gear to medium term positive outlook.

China, on Tuesday, defended Pakistan saying the world community should acknowledge its all-weather ally’s “outstanding contribution” to counter terrorism, a day after US President Donald Trump lashed out at Islamabad for providing safe havens to terrorists.

“China and Pakistan are all-weather partners. We stand ready to promote and deepen our all-round cooperation so as to bring benefits to the two sides,” said Foreign Ministry Spokesperson Geng Shuang.

Today’s major contributors were OGDC +60.48 points, UBL +31.78 points, HBL +30.78 points, MCB +30.7 points, POL +28.27 points and LUCK +21.58 points

Banks, Fertilizers, Cements, Pharmaceuticals and Oil and gas sectors helped the market bring up the gain today.

Volumes got even better today as all shares index had a traded volume of 229.36 million shares today. Overall, stocks of 368 companies were traded on the exchange, of which 221 gained in value, 125 declined and 22 remained unchanged.  In KSE 100, 137.60 million shares were traded with a net worth of just Rs. 8.91 billion.

Top traded sectors:

TRG Pak Ltd was the volume 20.76 million shares, losing Rs. 1.06 to close at Rs. 29.70. It was followed by K Electric Ltd with 18.29 million shares, gaining Rs. 0.28 to close at Rs. 6.49, Fauji Cemet with 10.62 million shares, gaining Rs. 1.24 to close at Rs. 26.06 and Pak Elektron with 8.81 million gaining Rs. 0.14 to close at Rs. 50.35.

Top Advancers of the market were:

Top Decliners of the market were: