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Market watch Index rises to record level as small caps dominate

Market watch : Index rises to record level as small caps dominate

KARACHI: The stock market continued to be led by the bulls as the index ended positive for the fourth time in a row and surpass its previous-highest level.

Early gains were led by positive movement in international crude oil prices, while the automobile sector continued to invite investor interest.

At close on Friday, the Pakistan Stock Exchange’s benchmark KSE-100 index rose 0.51% or 203.30 points to end at 40,340.23, which is its highest level.

Elixir Securities analyst Ali Raza said equities closed at a new all-time high on the last working day before Eid holidays as bulls firmed up control of the market.

“Stocks opened positive with index-heavy oils leading early gains as investors tracked overnight rise in global crude with Pakistan Oilfields (POL +2.3%) topping the leaders board and trading at highest level since Nov 2014.

“Industrials and consumer plays thereafter led both gains and volumes with retail favourite Bank of Punjab (+10.74%) and Sui Southern Gas (SSGC +5%) closing at the upper price limit; former churning most volumes as investors bet on improvement in bank’s operations in near term.

“Meanwhile, cements and financials both traded mixed with select cement plays closing in green, while large cap financials erasing all intra-day gains and closing in red.

“We see benchmark KSE-100 Index to test record highs during coming short trading week (Pakistan closed Monday to Wednesday for Eid) with cements and industrials possibly leading while financials will continue to track flows.”

Meanwhile, JS Global analyst Nabeel Haroon said that major activity was witnessed in the second and third tier stocks. “Automobile sector continued its positive momentum on the back of depreciating Yen prices amid BOJ Chief’s statement earlier this week that BOJ’s review later this month won’t result in any reduction in monetary stimulus.

“Amreli Steels (+2.16%) gained as the steel manufacturer declared its result for FY16. In its result announcement company posted earnings per share of Rs5.81 along with a cash dividend of Rs2 per share.”

Trade volumes rose to 638 million shares compared with Thursday’s tally of 566 million shares.

Shares of 444 companies were traded on Friday. At the end of the day, 310 stocks closed higher, 113 declined while 21 remained unchanged. The value of shares traded during the day was Rs16.2billion.

Bank of Punjab was the volume leader with 49.1 million shares, gaining Rs1.00 to finish at Rs10.31. It was followed by Dewan Salman with 48.5 million shares, gaining Rs0.79 to close at Rs5.77 and TRG Pakistan with 40.5 million shares, gaining Rs1.69 to close at Rs41.77.

Foreign institutional investors were net sellers of Rs264 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy : Express Tribune



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