Friday , 18 August 2017
Home / Business News / Market watch: Index ends higher for 11th successive session

Market watch: Index ends higher for 11th successive session

KARACHI: The index ended the week on a positive note, extending its run for the 11th successive session to inch over the 46,500-point level.

Index-heavy sectors remained in the limelight as investors showed no sign of slowing pace.

At close on Friday, the Pakistan Stock Exchange’s benchmark KSE 100-share Index finished with a rise of 0.49% or 226.18 points to finish at 46,584.53.

Elixir Securities analyst Ali Raza said equities closed positive yet again, albeit with a brief phase of profit-taking.

“The day saw volatility and stocks did witness a brief phase of profit-taking during morning session that pulled the benchmark KSE100 index in the red,” said Raza.

“Flows in select index names, however, helped the recovery with Hub Power (HUBC,+4%) emerging as the top contributor after the company shared optimism regarding getting extension in timelines of financial close and implementation agreement for 1,320MW power plant.

“Engro Foods (EFOODS) gained 3.3% after offer manager for FrieslandCampina notified exchange of formal completion of public tender offer where the public surrendered 60% shares of tendered shares; reduction in total float was seen as positive trigger and brought excitement in stock.

“Fertilisers and textiles came under pressure over evening news of government canceling the earlier announced gas prices reduction while select cements continued to correct on reported foreign selling.”

Trading volumes rose to 346 million shares compared with Thursday’s tally of 340.4 million.

Shares of 404 companies were traded. At the end of the day, 204 stocks closed higher, 179 declined while 21 remained unchanged. The value of shares traded during the day was Rs19.4 billion.

Pakistan International Bulk Terminal was the volume leader with 28.2 million shares, gaining Rs1.68 to finish at Rs37.36. It was followed by B.O Punjab with 19.1 million shares, gaining Rs0.50 to close at Rs17.45 and Power Cement with 18.8 million shares, gaining Rs0.93 to close at Rs13.49.

Foreign institutional investors were net sellers of Rs904 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy : Express Tribune

Comments

comments

Show Buttons
Hide Buttons