KARACHI: Pakistan equities resumed their northbound ride albeit on thin turnover as the benchmark KSE-100 index settled at a fresh record high over the 41,400 level.
At close, the Pakistan Stock Exchange’s benchmark KSE-100 rose 0.49% or 203.49 points to end at 41,403.97.
Elixir Securities, in its report, said turnover on KSE-100 index shrank by 28% versus last week’s average as Muharram holidays put most participants in a snooze mood.
“Gains were primarily focused in select sideboards and relatively illiquid plays on retail-driven activity, while Index names traded lacklustre and closed mixed amid thin participation from institutional investors.”
“The textile sector was in limelight on Monday; with both Nishat Mills (NML +3.9%) and Nishat Chunian (NCL +4.4%) closing higher as investors bet on better relief measures in new textile package. Moreover, both; Sui Northern Gas Company (SNGP PA +4.6%) and Sui Southern Gas Company (SSGC PA +0.8%) attracted interest on weekend news that the country’s regulator has approved gas price increase for the on-going fiscal year.
“Meanwhile, Lucky Cements (LUCK PA -1.5%) settled again below Rs700/share mark and contributed most to day’s losses with media reports of increase in duty by Afghanistan on Pakistan cement exports denting investors’ sentiments,” added the report.
“We expect better activity post holidays with index names fetching fresh flows as investors focus shift to upcoming quarterly results,” commented Elixir Securities analyst Ali Raza.
JS Global analyst Nabeel Haroon, on the other hand, said interest was seen in the textile sector on the back of the news that the federal government is expected to announce an incentive package for exporters.
According to the report, the package, among other incentives, will consist of rebate on exporters and removal of regulatory duty on industrial inputs used in production.
“NML (+3.86%) and NCL (+4.39%) were top performers of the aforementioned sector.”
“SNGP (+4.56%) gained as OGRA approved increase in gas tariff, where the summary has been forwarded to Ministry of Petroleum and Natural Resources.
“Moving forward, we reiterate our bullish stance on the market and recommend investors to accumulate on dips,” concluded Haroon in his report.
Trade volumes fell to 363 million shares compared with Thursday’s tally of 463 million.
Shares of 458 companies were traded. At the end of the day, 270 stocks closed higher, 178 declined while 10 remained unchanged. The value of shares traded during the day was Rs11.9 billion.
Bank of Punjab was the volume leader with 33.4 million shares, gaining Rs1 to finish at 16.55. It was followed by Japan Power with 19.1 million shares, gaining Rs0.28 to close at Rs6.72 and TRG Pakistan Limited with 13.1 million shares, gaining Rs0.37 to close at Rs45.85.
Foreign institutional investors were net buyers of Rs20.2 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Courtesy : Express Tribune