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Foreign buying helps index hit new high

Foreign buying helps index hit new high

KARACHI: The bulls appeared to be exhausted after a three-day bull run and barely managed to take stocks further forward on Friday as the KSE-100 index could eke out just 25.34 points gain, albeit close at new all-time high of 38,776.94.

In a thinly traded session with volumes at 135 million shares against 256m shares traded the previous day — one reason being shortened trading hours on account of Friday — the index initially fell by 111.60 points but recovered mainly due to foreign investors’ purchases of $9.01m worth stocks.

The day was mainly saved by HBL up 4.76pc contributing 119 points to the index on improved sentiments following the approval of Corporate Restructuring Companies Bill 2016.

“Among sectors fertilisers, oil and gas, multi-utilities and glass closed in the red while performance of cements, pharmaceuticals, power and banks remained mixed,” observed analysts at Intermarket Securities.

Major contribution to upside came from HBL, DAWH, PSEL, NBP and BAHL adding 170 points while PPL, FFC, SEARL, OGDC and UBL took away 128 points.

Dealers at Global Securities said that profit booking was witnessed in major sectors such as cements and fertilisers following their recent rally. E&Ps also turned red on back of uncertainty and downward trend in international oil prices. PPL down 2.14pc and OGDC 1.15pc.

Analyst Ahmed Saeed Khan at JS Global stated that pressure was witnessed on the fertiliser sector on back of news that fertiliser companies will bear price cut of Rs50/bag. Major laggards of the sector were FFC down 1.49pc and EFERT lost 1.47pc.

Courtesy : Dawn News



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