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Market Daily: PSX dances to New Year, settles on a high.

LAHORE -- The Pakistan Stock Exchange (PSX) swayed like a seesaw, touching its intraday low of 40,169.92 points, down by 302 points or 0.74 per cent before bouncing back to its intraday high of 40.815.96 point, to settle at 40711.04 points, with a 239.56 point or 0.6 per cent gain. Investors began the first trading day of the year with high hopes from the market but trading remained dull yet volatile. However, PSX's sharp was attributed to the news of lower than expected inflation for the month of December at 4.57 per cent.

Foreign investors remained net buyers with $ 8.16 million as they entered the New Year, while local funds and banks were not far too behind with $ 4.02 million and $ 2.16 million respectively.

The KMI 30 index from a loss of 664.09 points went up to a rise of 434.67 points and concluded with 154.20 points in the green. The KSE All Share Index ended flat. The advancers to decliners ratio stood at 170 to 136.

Banks stayed shut for all public dealings today hardly encouraging trading activity. Volumes stayed down 51 per cent on a day on day basis with 118.3 million shares traded while value was down 52 per cent to Rs 4.5 billion. Meanwhile, the last session recorded a volume of 240.70 million shares.

Meanwhile, TRG Pakistan Limited (TRG +3.92 per cent) with a volume of 15.10 million shares and Dost Steels Limited (DSL +9.74 per cent) with 14.01 million led the volume ladder. DSL touched its upper circuit breaker after the management in a notice to the exchange informed all shareholders that the company has successfully run trails for calibration of their plant and machinery.

With Bata Pakistan Limited (BATA +5.00 per cent) and Service Industries Limited (SRVI +5.00 per cent) at the upper cap, the leather and tanneries sector was the top gainer of the day which added 4.94 per cent to its market capitalisation.

Pak Elektron Limited (PAEL +4.99 per cent) and Johnson and Philips (Pakistan) Limited (JOPP +4.29 per cent) pushed the cable and electronics sector higher by 2.80 per cent.

Moreover, HBL (+4.1 per cent), ENGRO (+2 per cent), BAHL (+3.2 per cent), UBL (+1.1 per cent) and KAPCO (+3.8 per cent) topped the charts and added 205 points while stocks including PAKT (-5 per cent), MCB (-1.2 per cent), ABOT (-4.2 per cent), HUBC (-0.8 per cent) and NATF (-5 per cent) lagged behind and withheld 80 points.

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Publication:Pakistan Today (Lahore, Pakistan)
Date:Jan 1, 2018
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