The rout is reversed in a session: KSE-100 jumps 1.56% to 168,460, its largest gain since 5 August, as 312 names advance and the Refinery sector sweeps 5.06% higher on CNERGY's 55m
KSE-100
168,460
+1.56%
KSE-30
50,346
+1.67%
KMI-30 (Shariah)
242,002
+1.89%
All-Share
101,751
+1.33%
Market Pulse
Tuesday's 432m tape ran 353m in advancing names against 75m in declining ones, nearly five to one, and the heaviest prints were gains in the index names, where Monday's heaviest had all been declines. CNERGY was the most active name, up 5.9% on 55m, with PRL up 8% on 28m, WTL up 1% on 25m and PIBTL up 2.9% on 21m, the transport name that had fallen 7.1% the day before. KEL was the heaviest print lower, easing 0.5% on 24m, with DSIL down 0.8% on 12m, ending a six-session run of gains of about 10% that had begun on 28 September. TISL rose 3.7% on 12m, KOSM 3.2% on 9m, BOP 2.9% on 8m and MLCF 3.5% on 7m, with FNEL up 1.7% on 7m, TSBL 6.6% on 7m and TRG 7.6% on 5m. The heavyweights bounced across the board on small size - PPL up 2.1%, OGDC 2.2%, MARI 2.8%, AKBL 3.7%, NBP 3.1%, HBL 2.6%, HUBC 2.9%, NCPL 2.5%, FCCL 3.7%, DGKC 2.2%, SSGC 2.6%, PSO 1.7% and SNGP 3% - while NETSOL rose 4.1% and TELE 3.9%. LSEFSL led the gainers at 18.1%, a Rs 0.60 move on a Rs 3.32 stock, ahead of FPRM, SBL, DADX and ICCI at the 10% limit; the losers were EFULR, ASTM, BUXL, KHTC and FIMM, all at limit-down.
Sector micro-analysis
Twenty-four of 33 sectors closed higher, none closed without an advancer, and two swept higher outright: the Refinery sector at 5.06% with all four names up - PRL 8%, CNERGY 5.9%, NRL 3.8%, ATRL 2.6% - and the E&Ps at 1.97% with all four up on MARI's 2.8%, OGDC's 2.2% and PPL's 2.1%, with Cable and Electrical Goods at 1.31% on six of seven up. Textile Weaving rose 2.44%, Synthetic and Rayon 1.95% and Pharmaceuticals 1.83% with 12 of 14 higher. The engines rebounded broadly: Technology and Communication rose 1.81% with 20 of 21 higher on TRG's 7.6%, NETSOL's 4.1% and TELE's 3.9%, Commercial Banks 1.6% with 17 of 19 up on AKBL's 3.7%, NBP's 3.1% and BOP's 2.9%, Oil and Gas Marketing 1.56% with eight of ten higher, the securities complex 1.42% with 23 of 34, Transport 1.28% with five of six on PIBTL's 2.9%, the Real Estate Investment Trusts 1.27%, Engineering 1.24% on ASL's 3.7%, Power Generation and Distribution 1.2% with nine of 16 up despite KEL's 0.5% fall, Food and Personal Care Products 1.18% with 19 of 26, Fertilizer 0.9%, Chemical 0.81% with 20 of 26 higher and Cement 0.78% with 15 of 19 up on FCCL's 3.7% and MLCF's 3.5%. Nine sectors fell, none by 1% except the Close-End Mutual Funds at 2.06% on a one-two split: Miscellaneous lost 0.89%, Automobile Parts and Accessories 0.56%, Textile Spinning 0.43% with 23 of 43 lower, Insurance 0.35%, Glass and Ceramics 0.31%, Apparel 0.29%, Paper, Board and Packaging 0.25% and Sugar and Allied 0.23%.
| Sector | Avg change | Breadth (A / D) |
|---|---|---|
| Refinery | +5.06% | 4 / 0 |
| Textile Weaving | +2.44% | 4 / 1 |
| Oil & Gas Exploration Companies | +1.97% | 4 / 0 |
| Synthetic & Rayon | +1.95% | 2 / 2 |
| Automobile Parts & Accessories | -0.56% | 7 / 5 |
| Miscellaneous | -0.89% | 6 / 10 |
| Close - End Mutual Fund | -2.06% | 1 / 2 |
Gainers
- LSEFSL +18.10%
- FPRM +10.00%
- SBL +10.00%
- DADX +10.00%
- ICCI +10.00%
Losers
- EFULR -10.00%
- ASTM -10.00%
- BUXL -10.00%
- KHTC -10.00%
- FIMM -10.00%
Most active
- CNERGY 55m +5.90%
- PRL 28m +8.00%
- WTL 25m +1.00%
- KEL 24m -0.50%
- PIBTL 21m +2.90%
Market Action
Participant flows: the internals read as a rebound in the names that had been sold hardest, with the bid concentrated in the refineries and the heavyweights. Up-volume of 353m ran nearly five times the 75m in declining names, 312 names rose and no sector closed without an advancer - the mirror image of Monday, when 28m of advancing volume met 413m of declining - and the heaviest volume was in the index names: CNERGY's 55m and PRL's 28m alone were roughly 83m of the advancing side, with WTL's 25m and PIBTL's 21m behind them. The banks, technology names and E&Ps all rose on small prints. The day's heaviest decline was KEL's 24m at -0.5%, and DSIL's fall on 12m ended a six-session run of gains of about 10%.
Outlook
- •The retreat's new low did not hold for a day: Tuesday's 1.56% jump - the largest gain since 5 August - recovered 2,593 points, more than Monday's whole fall, leaving the index at 168,460, about 250 points under the 10% line, 0.29% above the correction low of 167,971 and 1.50% under the 24 July low for a ninth straight session.
- •The rebound was led by the refinery complex once more - a 5.06% clean sweep on CNERGY's 55m and PRL's 8% - with the banks, technology names, E&Ps and cements all rising and breadth swinging from 55 advancers to 312, the most since 18 September's 316, on a tape of 432m with 353m in advancing names.
- •Refinery moves have swung hard in both directions this month - 7.57% higher on 23 September and 4.15% lower the next day, now 2.25% lower on Monday and 5.06% higher on Tuesday - and on those days the index moved with the complex, by 0.48% and 1.01% in September and by 1.36% and 1.56% this week.
What to watch
- •Whether the 10% line at 168,710 is retaken - Tuesday closed about 250 points under it after a 2,593-point rebound, with the 24 July low of 171,021 about 1.50% above
- •Whether the refinery complex holds its gains or gives them back as it did after September's 7.57% sweep - CNERGY rose 5.9% on 55m and PRL 8% on 28m, the day after the sector's 2.25% fall
- •Whether breadth sustains its recovery - 312 advancers against 146 decliners, the most since 18 September's 316, after Monday's worst reading since 14 July
- •USD/PKR, SBP rate signals and the global crude tape
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