April Review

April saw the market power up 1580pts (4.7pc) to close at 34710. Turnover averaged 235mln shares while value traded was Rs 10.23. Value traded and volumes were sharply higher compared to march by about 40pc and 60pc respectively. Since the start of this year the index's tally stands at 1903pts or a gain of 5.7pc.

Cements which put up a strong showing last month were relatively mute in price performance. The Index got its gains from E&P's and HBL. OGDC, POL and PPL put in double digit percentage gains with POL leading the pack, up 24pc. PPL and OGDC finally ended their drought rising 15pc a piece. Oil stocks took their lead from crude prices which surprisingly remained robust despite failure of OPEC's Qatar session. Federal Reserves decision to keep interest rates on hold for now put pressure on the dollar and helped oil prices.

HBL aided the Index gaining 10pc for the month reversing a strong bearish trend.

The only cement scrip to post significant gains was ACPL up 10pc.

Refineries rose in April. NRL, up 27pc. BYCO and ATRL also put in 21pc and 12pc gains.

SNGP was the top performer for the month posting a gain of 31pc.

TRG gained 21pc. An assortment of small cap stocks posted double digit percentage gains during the month including DFML, POWER, JPGL, TELE, ANL, WTL. These stocks posted +20pc gains. DFML was up 44pc.

Fatima fertilizer lost 8pc during the month. Feroz lost 7pc.


Going forward the market will look to MSCI's review of Pakistans status as frontier market with interest. Newsflow on upcoming budget will influence market direction. Crude price volatility could dampen the strong showing of E&P's this month.