Daily Stock Report: Despite Political Uncertainty, Market Gains 592 Points

Market made a comeback after a bearish session on Monday as PAT still prefers to keep the rally a one-day event for a number of reasons. The political developments have caught the investors’ eye as the market saw a bullish session today.

At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a gain of +592.19 points, or 1.40%, to end at 42,939 points.

Cement sectors was the major gainer today. International Cement Review, in its latest report on the Pakistani cement industry has predicted 2018 to be a bumper year for cement sector.
Pakistan’s cement industry is currently running at 95% capacity that has encouraged the domestic cement manufacturers to spend an estimated USD2.25 billion on new production capacity.”
CPEC, is expected to have huge impact on cement production levels, with a Joint Cooperation Committee having been established to promote the construction of CPEC between 2013-30,” said the report
HBL contributed 112.65 points with LUCK 53.16 points, OGDC with 49.61 points and HUBC with 40.19 points to the index today.

Fauji Foods Ltd. (FFL), formerly Noon Foods Ltd., announced that it plans to hold Company Board Meeting on 25th of January, 2018. The company informed the boutse that the meeting will be held to approve Financial Statements for the year 2017.

The company also announced that it seeks make a decision on the amalgamation of FFL Shares and FFL Non – Voting Shares into a single class.

The market saw an intraday high of 795 points as market and an intraday low of just 23 points. While trading activity was again low as investors were still uncertain of the protests that will be held tomorrow.

Moving forward, the analysts recommend that the market is to remain under pressure on the back of political fiasco and recommend investors to stay cautious

Volumes were a bit lower over the political protest tomorrow as all shares index had a traded volume of just 160.88 million shares today. Overall, stocks of 355 companies were traded on the exchange, of which 216 gained in value, 120 declined and 19 remained unchanged. In KSE 100, 73.60 million shares were traded with a net worth of just Rs 5.76 billion.

Top traded sectors:

PIAA was the volume leader with 15.75 million shares, gaining by Rs0.37 to close at Rs 5.72. It was followed by Faysal Bank with 11.66 million shares, gaining Rs0.47 to close at Rs24.19, Dewan Cement with 8.47 million shares, gaining Rs1.02 to close at Rs31.50 and TRG Pak Ltd with 7.79 million gaining Rs0.25 to close at Rs31.50.

Top Advancers of the market were:

Top decliners of the market were: