The market closed up 632pts at 51374 on volume of 240mln shares and value traded of Rs12.6bln. Unchanged monetary policy propelled banks higher. Drifting lower, the KSE100 came in for support in index heavy scrips like POL, PPL, OGDC, LUCK, UBL, HBL and ENGRO.
Top performers for the day were DFML, POL, HASCOL and ICI.
Decliners for the day were SML, SNGP and TRG.
We expect market to remain volatile till rollover and the budget have passed.
The market closed the week down 1009pts (-1.9pc) at 50742. Average turnover was almost level with last week at 349mln shares as opposed to 355mln. Value traded was Rs17.8bln as opposed to Rs18.9bln. Outflow during the week of USD16.37 compared to USD2.5mln put pressure on the index, especially so in the wake of aggressive local buying since May 4 till May 15 which saw a massive 3783pts gain. Last week the index put on a 1900pts runup.
Inclusion in the MSCI did not precipitate immediate inflows and with monetary policy, month close and the all important Budgetary announcement due, buyers chose to let values drift lower.
ENGRO, ISL, OGDC, HBL, EPCL topped the value traded board. Major gainers during the week were DSL, POL and INIL. Crude oil bounced back from its lows with Saudi Arabia and Russia expressing willingness to continue production curbs for longer.
HUBC, LUCK, UBL, HBL dipped lower after aggressive gains in recent weeks.
With economic fundamentals still looking up , the world bank forecast Pakistan's economic growth in 2017 at 5.2pc, the highest in nine years, we expect the market to get a fillip from foreign inflows.
The KSE100 closed down 575pts at 51813. Turnover was 377mln shares and value traded was Rs23.39bln. Total fluctuation during the day was in excess of a thousand points. MSCI upgrade came through with quite a few stocks making the cut. However the market was unable to hold its gains during the early hours of the session succumbing to profit taking after 8 consecutive days of gains totalling 3783pts.
SNGP, EPCL, OGDC, ENGRO, HBL, DFML and ISL saw over a billion rupees of value traded, though gains were limited except for DFML, DSL and LOTCHEM.
HBL, FFC, MCB and SEARL were setback today.
Outflow for the day was USD2.3mln.
While fundamental strength of corporate earnings remains robust, and domestic investor interest in the market has been largely responsible for the healthy growth in equity values, the quantum and timing off foreign participation will be interesting to see. Yesterday's comments from Templeton Funds Executive Chairman Mark Mobius saying he still considers Pakistan a Frontier market is one aspect of this thesis, even as other investors such as Tundra Fonder do not share his view.
MSCI Pakistan Upgrade
The market continued its form gaining 637pts (1.23pc) to close at 52388. Turnover was robust at 352mln shares and value traded jumped 23pc to Rs23bln. MSCI EM inflows coupled with a Russo- Saudi plan to continue output cuts led PSX higher. Seven scrips accounted for 71pc of todays index tally. These were, OGDC, FFC, ENGRO, BAHL, PSO, MCB, and PPL.
Engro traded a significant Rs1.8bln in value, the highest this quarter, while, OGDC and EPCL traded Rs1.1bln each in value.
Movers among active stocks for the day were POL, OGDC and BAHL all closing at upper cap. UPFL, GHNI, GSKCH and WYETH led the decliner chart.
Outflow for the day was USD1.8mln.
While we remain positive regarding market prospects post MSCI formal inclusion, short term euphoria is likely to be qualified by immediate EPS growth prospects and the quantum of MSCI related inflows.
The KSE100 resumed its upward journey gaining 3.8pc up 1900pts to close at 51751, with MSCI inclusion expected early next week. Average turnover jumped 35pc to 355mln shares and value traded put on 32pc at Rs.18.9bln. This is the highest ever close for the PSX. So far this year the index is up 8.2pc. The bullk of these gains came in May with the index surging 5pc to date.
The index was pushed upward by Banks, Oil and Refiners with LUCK, HUBC, ISL and INIL offering significant support. Crude oil staged a bit of a rebound his week helping oil stocks.
Most actively traded scrips by value were TRG, ISL, SNGP, NML and OGDC. PRL gained 18pc among active stocks.
PAEL, GTYR and EFERT fared badly during the week.
Outflow during the week was USD2.4mln.
Further gains are on the cards as MSCI fueled rally picks up with focus on budget related newsflow.
The KSE100 closed up a modest 137pts at 51073, with profit selling limiting gain of 552pts in intra day trading. DCL, BAHL and PRL were the leaders among actively traded scrips while EFERT, BAFL and PAEL were laggards. TRG, KEL, EPCL, ASL and BOP were the top stocks by volume while TRG, SNGP, LUCK, NML and ISL were on top of the value traded list. TRG traded a value of Rs2.06bln which is the highest since Oct 2016.
Inflow for the day was USD1.2mln.
Sentiment remains upbeat with further gains emanating from MSCI inclusion.
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