KARACHI: Positivity prevailed at the stock market for all of the day on Tuesday with the KSE-100 index making an intra-day high by 200 points in early trade.
The index managed to fuel its momentum and even crossed the elusive 34,000-point barrier. The market, however, was unable to sustain this level and succumbed to the selling pressure at its strong resistance point and settled with gain of 163 points (0.48 per cent) at 33,848. The cement sector was star performer recovering from its recent beatings as bargain hunters were likely enticed by attractive valuations offered by several cement stocks.
Biggest contributors toward the index were LUCK up 1.89pc, KOHC 4.30pc, PIOC 3.48pc and MLCF 2.72pc. Other major gainers included FML rose 5pc, PKGS 5pc and OGDC 1.19pc. Bull run was witnessed in the banking sector with UBL 0.83pc and ABL 2.16pc as financial results were better than expected. On the flip side, FFC, PSO and KEL pulled the index down.
Analysts said that the E&P sector initially outperformed the market especially the index heavyweights OGDC and PPL making an intra-day high of Rs124.70 and Rs146.84 respectively. The 100 index during the first half rallied beyond 34,000, clocking in an intra-day high of 34,027.62, but the sentiment changed when OGDC announced its earnings of Rs2.16/share for the 3QFY16, which was way below the market expectations.
Dealers at Topline Securities commented that result driven activity was witnessed. Volumes increased by 50pc to 258.5m shares and value increased by 86pc to Rs12bn over the first day of the trading week. Foreign investors, however, continued to sell, the outflow amounting to $4.29m taking the year to date sell off at $111.17m.
Courtesy : Dawn News