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market watch Index closes at record high, just shy of 43,000

market watch: Index closes at record high, just shy of 43,000

KARACHI: Pakistan equities inched closer to 43,000 and finished at a fresh record close on the back of gains in select index names.

At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index rose 0.63% or 269.44 points to end at 42,901.02.

Elixir Securities, in its report, stated that range-bound trading was witnessed in the early hours with the market struggling to carry momentum from the previous session as participants traded cautiously, likely wary of ongoing foreign selling.

“However, activity picked up near mid-day with locals likely taking comfort from no signs of serious outflow from FIIs in index names and increased participation in the wider market,” said analyst Ali Raza.

“Major contribution to day’s gains came from pharma sectors as investors bet on sector’s re-rating theme and that foreign flows are fully absorbed; Glaxo SmithKline (GLAXO PA +5%) and Abbot Laboratories (ABOT PA +5%) closed at upper price limits,” said Raza.

“E&Ps emerged as the second best sector with Pakistan Oilfields (POL PA +2.1%), Pakistan Petroleum (PPL PA +1.2%) higher on optimism over global crude.

“Select financials were also up on reported institutional interest ahead of Monetary Policy announcement over the weekend; United Bank (UBL PA +2.3%) had the most contribution on positive side on KSE-100 index,” he added.

According to Topline Securities, positive sentiments in banking and oil and gas sectors helped the bourse reach its all-time high.

“United Bank (UBL) and Habib Bank (HBL) cumulatively added 56 points to the gain while Oil and Gas Development Company (OGDC), Pakistan Petroleum (PPL) and Pakistan Oil Fields (POL) added 15, 17 and 20 points to the gain, respectively,” the report stated.

“Mughal Iron and Steel Industries (MUGHAL) registered a gain of 4.3% while Amreli Steels (ASTL) closed at its upper price limit of 5% on the back of upsurge of rebar prices in domestic market,” it added.

Trade volumes rose to 495 million shares compared with Tuesday’s tally of 467 million.

Shares of 430 companies were traded. At the end of the day, 246 stocks closed higher, 159 declined while 25 remained unchanged. The value of shares traded during the day was Rs18.1 billion.

Pace (Pak) was the volume leader with 53.7 million shares, gaining Rs0.58 to finish at Rs12.61. It was followed by PIAC (A) with 35.9 million shares, gaining Rs0.40 to close at Rs13.12 and Bank of Punjab with 21 million shares, losing Rs0.12 to close at Rs18.85.

Foreign institutional investors were net sellers of Rs706 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy : Express Tribune

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