Shanghai Electric could Buy K Electric Making it Possibly the Biggest Such Deal in History
The market closed down 183pts at 39809. Volume was 350mln shares while value traded was Rs 11.4bln. The only sector that managed a positive ending today was autos, with PSMC, INDU, HCAR and GTYR ending higher. HCAR and PSMC hit upper lock. Most of the days index losses came from HBL, OGDC, MCB, FEROZ, HUBC, KAPCO and LUCK. Look for consolidation as earnings season draws to a close.
Todays most active stock by value traded was TREET closing at uppercap. TRIPF closed up close to 5pc.
The market closed down 30pts at 39992. The session was characterized by lackluster movement, market moving in a tight band, just 140pts separating the days high from its low. Turnovers were stellar at 424ml, a hundred day high, while value traded was Rs13.25bln. KEL traded a whopping 17pc of total volume for the day, rising 1.32pc, on news of Shanghai Electric offering to buy a stake in the company pending approvals. The top 5 traded items for the day were KEL, BYCO, DCL, DSFL and TRG, together accounting for over 40pc of total market volume.
Performers for the day were NCL up 3.6pc, HCAR, ATLH, OTSU, GTYR, up over 4pc.
Losers were TREET, FEROZ, SHEZ and BWCL tumbling 5pc.
Foreign outflow for the day was just USD42000.
KEL rises After Shanghai Offer
Sector wise Flows USD
Today's Flows USD 1.2mln
The market closed up 96pts, just above 40000 level at 40023. Volumes were heavy at 389mln shares while value traded was Rs 12.4bln. Top 10 volume stocks accounted for 185mln shares, almost half of the days volumes. KEL, BYCO, PACE, SNGP, BOP topped the volume leaderboard. A surge in volumes of second tier stocks has supported market volumes. KEL saw increased trading on the back of an official announcement that Abraaj is in divestment talks over KEL. Performance in blue chips was relatively mute, only NBP managing to close at upper cap after a stellar quarterly result last week.
We expect trading activity at this level to be dictated by quantum of foreign flows.
The market ended the week up 428pts, recovering last weeks 408pt loss. Turnover averaged 232 mln shares, level with last week while value traded fell to Rs. 10bln from Rs 12.9bln, down by a quarter. Banks, Cements, Steel Autos and refiners led the market higher as foreign flows turned positive this week to USD1.8mln compared to last weeks outflow of USD 18mln.
The weeks top performers among actively traded scrips were ISL, SNGP, AKZO, ICI and TRIPF gaining 9-13pc. OTSU gained 27pc.
PRL, SHEL, SHFA and IBFL lost 5-7pc.
NBP and INDU announced better than expected EPS today helping sentiment.
With the market absorbing outflows this week, players will look to push past 40000 mark once more.
The market closed up 285 pts at 39792, shrugging past weakness shown in the last couple of sessions. Turnover was a solid 297mln shares almost a three month high while value traded was Rs 12.7bln. Over twice as many shares advanced today compared to those that declined. DGKC, ENGRO, FFC, LUCK, HBL were the biggest contributors to the index, collectively accounting for 100pts. Top five scrips by volume were KEL, SSGC, PAKCEM, HTL and DGKC.
Gainers for the day were SSGC, SNGP, HTL, BYCO, ISL and INIL putting on in excess of 4pc.
Cements were upbeat with CHCC and PIOC gaining under 4pc. DGKC put on 2.2pc while LUCK gained a percent with other scrips also edging higher.
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