KARACHI – Pakistan Stock Exchange (PSX) witnessed another bullish session on Tuesday as the 100-share index gained 389 points and closed at 45,918 points.
Market participation rebounded as volumes shot up 111% to 224m shares while traded value rose 88% to Rs10.2b/$96.3m.
However, the broader markets volumes were dominated by 2nd tier names including TRG, ANL, EPCL, ASL & DSL; which churned out aggregate turnover of 70m shares or 31% of total volume, said analyst at Topline Securities.
Top 5 index point performers were DAWH (up 3.4%), ENGRO (1.6%), SNGP (2.8%), ISL (4.9%) & OGDC (up 1%), adding 127 points; while ABOT (down 2.3%), LUCK (0.4%), KTML (1.8%), HBL (0.2%) & CHCC (1.2%) held back 35 points.
On the sector front, fertilizer added 75 points, OMCs 48 points, E&P 47 points, banks 34 points & insurance 29 points; while textile shed 3 points.
Auto assemblers HCAR (up 2.9%) and PSMC (down 0.6%) furnished their results; where Honda reported 1Q (Jun’17) EPS of Rs14.6, up 99% YoY & in line with expectations; while PSMC reported earnings growth of 41% which missed expectations.
Stocks closed bullish in the earnings season rally at PSX higher as investors bet on strong results in auto sector, said analyst Ahsan Mehanti. Late session pressure remained on political uncertainty after Sindh Assembly resolution demanding PM resignation. Investor speculations ahead of verdict of Supreme Court on Panama Paper case and rising global crude prices on supply concerns played a catalyst role in bullish close.
TRG from the tech sector again led the market in terms of traded volume with 16 million shares. Brokers expect the market to remain jittery as investors await the final verdict of the Supreme Court on Panama case.