KARACHI: The benchmark index showed no signs of slowing down, entering into uncharted territory yet again and crossing the 47,000-point barrier in the process.
At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index finished with a rise of 0.58% or 271.47 points at 47,210.06.
Elixir Securities analyst Faisal Bilwani said local smart money continued to buy Pakistan equities for thirteenth consecutive session pushing benchmark KSE100 Index to highs above 47,000, setting another record.
“As of today, the KSE100 index has gained by over 10.5% MTD, most in a month since April 2015 when market posted a return of 11.5%,” said Bilwani.
“The day kicked off positive followed by selling as index heavy exploration and production weighed on KSE100 Index owing to dip in global crude; Oil and Gas Development Company (OGDC,-1.2%), Pakistan Oilfileds (POL ,-2.1%) and Pakistan Petroleum (PPL,-1.1%).”
Wider market struggled to find a clear direction thereafter until mid-day and traded volatile in a narrow range, said Bilwani.
“However, market was pushed up by financials on heavy buying interest primarily from local institutions; Habib Bank (HBL, +5%) closed at upper price limit while United Bank (UBL, +3.5%), MCB Bank (MCB, +2.5%) and National Bank (NBP, +2.1%) also closed higher on excitement related to year-end earnings and payout.
“Engro Foods (EFOODS, +1%) was positive as company notified transfer of management control to FrieslandCampina while Thal Limited also hit upper price limit intra-day,” said Bilwani.
JS Global analyst Nabeel Haroon said volatility prevailed during the initial hours of the trade but heavy buying came in during the latter hours, as the index gained 271 points to close at 47,210 level.
“Intraday rally was witnessed in the banking sector, as it gained to close (2.8%) higher than its previous day close.”
“Hubco (+3.66%) gained for the third consecutive trading session to close in the green zone on the back of extension in the financial closing and implementation agreement (IA) for its 660x2MW imported coal based power plant, said Haroon.
Trading volumes rose to 450 million shares compared with Monday’s tally of 344 million.
Shares of 413 companies were traded. At the end of the day, 204 stocks closed higher, 194 declined while 15 remained unchanged. The value of shares traded during the day was Rs19.4 billion.
Dost Steel Limited was the volume leader with 58.4 million shares, gaining Rs0.91 to finish at Rs11.56. It was followed by Bank of Punjab with 27.1 million shares, losing Rs0.20 to close at Rs18.08 and Engro Polymer with 23.8 million shares, gaining Rs0.78 to close at Rs17.42.
Foreign institutional investors were net sellers of Rs886 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
courtesy : Express Tribune