IMS Day Wrap – Ooh, somebody stop me!
Yes, we didn't look at any other indices today besides our very own 100 index and after seeing the 100 index perform today we simply couldn’t resist the urge to quote the famous line from the movie The Mask (1994). Way to go for the 100 index as it closed up 420.26 pts (+1.19%) at 35,317 well into the 35k territory. Towards the end the 100 index managed to clock in a turnover of 194mn shares while All share index grabbed 279mn shares for the session. Major contribution to the upside came from LUCK (65.99 pts), ENGRO (44.19 pts), HBL (26.72 pts), MCB (24.55 pts) and UBL (16.78 pts) – a star studded performance from names highly eligible to qualify for the MSCI EM upgrade.
As we get closer to the review for upgrade to EM status the enthusiasm of local investors seems to be building up with no end in sight. Among E&P names MARI stood out as the strongest name within the universe closing on its upper circuit limit, just shy of its un-adjusted all-time intraday high of 802.53 dated 19th Nov'15. LUCK also managed to draw investor attention and closed up on its circuit limit at 577.13 backed by strong demand due to potential inclusion in the MSCI EM index. Cements managed to stay afloat in general with DGKC, MLCF and FCCL getting significant attention from investors and traders alike. Banks followed suit and stayed in green throughout the day with MCB, HBL and UBL among noteworthy names. Among fertilizers ENGRO managed to stay on top of the game once again on the back of possibility of inclusion in MSCI EM space. Multi-utilities also closed in the green with SNGP standing out among top 3 volume leaders for the day in addition to significant turnover from PTC and TRG. Pharmaceuticals remained buoyant due to possible increase in drug prices in coming days. Energy sector was also able to draw investors’ out of the closet with KEL clocking in a turnover of more than 10mn shares.
Technically speaking, the 100 index took out resistance at 34,900 in a very convincing manner today. We now aim for all time intra-day high of 36,471 dated 6th August, 2015.