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PSX index hits new high, settles near 47,000 points

KARACHI: The December cheer continued at the stock market on Monday as the 12th consecutive trading session closed in the positive territory.

Index-heavy names in power, auto and oil sectors led the rally. At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index finished with a rise of 0.76% or 354.06 points at 46,938.59, which was a new record high.

Elixir Securities analyst Faisal Bilwani said there was no halt to the advance of equities as bulls drove the market with KSE-100 index closing the 12th positive session in a row and testing 47,000 points.

“Gains on the day were led by exploration and production and select index names across power, auto and financial sectors on reported institutional buying,” he said.

Bilwani said Pakistan Oilfields (+2.9%) and Pakistan Petroleum (+2.1%) were in the green as investors tracked higher global crude prices over the weekend, while index-heavy Oil and Gas Development Company (-0.5%) closed marginally negative after recording volumes of near 8 million shares.

Habib Bank Limited emerged as the top performer, up 4.3%, as institutions remained optimistic about the outlook given the bank’s potential to capitalise on the growing China-Pakistan trade and investments, said Bilwani.

“Hub Power (+1.3%) also maintained the positive streak on renewed interest as the company recently hinted at the possibility of securing the regulator’s approval for the planned 1,320-megawatt power plant.”

In autos, Pak Suzuki Motor (+5%) closed at its upper price limit as market talk suggested that the company would launch a new car model in the days ahead.

Trading volumes fell to 344 million shares compared with Friday’s tally of 346 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.

The Bank of Punjab was the volume leader with 30.2 million shares, gaining Rs0.83 to finish at Rs18.28. It was followed by Power Cement with 26 million shares, gaining Rs0.83 to close at Rs14.32 and Pakistan International Bulk Terminal with 20.5 million shares, gaining Rs1.86 to close at Rs39.22.

Foreign institutional investors were net sellers of Rs1.5 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

courtesy : Express Tribune

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