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Index gains 311 points despite global equities fall

Index gains 311 points despite global equities fall

KARACHI: In contrast to the declining performance of the global markets, the KSE-100 index carried forward Thursday’s momentum, which was supported by news regarding potential inclusion of PSX into the MSCI Emerging Market. The index gained 310.62 points (0.94 per cent) to close at 33,449.62 on Friday.

Foreigners sold $3.60m worth stocks.

The rally on the last trading day of the week was broad based with investors picking up stocks in construction, multi-utilities, fertilisers, autos and banks.

“Additional support to the market was provided by declining profit rates on various saving certificates, whose yields fell by 60 basis points, increasing the overall attractiveness of equity market,” stated analysts at Global Securities.

Consequently, HUBC (+1.62pc) gained investor’s attention due to its high dividend yield and contributed 24 points towards the day’s rally.

HBL (+1.05pc), LUCK (+1.55pc) and ENGRO (+1.29pc) cumulatively supported the index by 86 points, while GLAXO (-4.50pc), MUREB (-3.74pc) and EFOODS (-1.50pc) dragged the index by 21 points.

“Investor interest was seen in the cement sector as the current government showed its preference to­­wards infrastructure development, as it released Rs387bn for development projects and the Planning Commission proposed Rs1 trillion PSDP allocation in the upcoming budget,” commented analyst Arhum Ghous at JS Global. CHCC (+4.36pc), FCCL (+2.65pc) and KOHC (+4.38pc) were the star performers.

On the oil marketing sector, HASCOL (+1.22pc) and PSO (+0.90pc) gained as government increased prices of petrol and diesel.

Investor interest was seen in both the gas utilities as SNGP (+2.67pc) and SSGC (+0.94pc) gained to close in the green zone.

Courtesy : Dawn News



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