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Market watch: Bourse ends year at fresh record high

KARACHI: It was the last trading session of the year and the index closed with a bang, reaching a fresh all-time high and securing a comfortable spot above 47,500 points.

Led mainly by index-heavy stocks, the bourse settled with an increase of 140.31 points.

At close on Friday, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a rise of 0.29% to end at 47,806.97.

JS Global analyst Nabeel Haroon said the market maintained its positive momentum on the last trading day of 2016. “The banking sector led the gains and closed (1.2%) higher than the previous day,” said Haroon.

“HBL (+1.5%) and UBL (+2.4%) were major index movers of the banking sector. Profit-taking was witnessed in the fertiliser sector as it shed value to close lower than its previous day’s finish.”

Fatima Fertilizer (-1.1%) and Fauji Fertilizer Bin Qasim (-2.8%) were major laggards of the fertiliser sector.

Mixed sentiments were witnessed in the cement sector as investors waited for the dispatch numbers due to be released in the coming week.

Kohat Cement (+3.6%) was the major gainer whereas Dewan Cement (-3.6%) was the major loser of the cement sector, said Haroon.

“Pak Elektron (+0.6%) closed marginally higher on the back of news that the company has introduced a new refrigerator series by the name of ‘Desire Glass Door Intello’.”

An analyst of Global Research said the market remained buoyant throughout the first half, touching a high of 47,934 points and finding resistance at the same level twice during the day.

“During the second half, however, the market witnessed massive selling pressure and it turned negative within minutes from positive 265 points as investors squared and rolled over their future positions on the last day of rollover week,” the analyst said.

“Heavyweight blue-chip stocks mainly supported the market, namely UBL, HBL, Engro (+2.44%) and Engro Foods (+4.86%) with a cumulative contribution of 178 points to the index.”

Trading volumes fell to 387 million shares compared with Thursday’s tally of 390 million.

Shares of 409 companies were traded. At the end of the day, 190 stocks closed higher, 203 declined while 16 remained unchanged. The value of shares traded during the day was Rs18.8 billion.

Dost Steels Limited was the volume leader with 45.7 million shares, gaining Rs0.60 to finish at Rs12.12. It was followed by The Bank of Punjab with 38 million shares, losing Rs0.75 to close at Rs17.65 and NIB Bank with 18.5 million shares, gaining Rs0.16 to close at Rs1.81.

Foreign institutional investors were net buyers of Rs134 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

courtesy : express tribune

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