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Market watch Stock market marches ahead in single-session day

Market watch: Stock market marches ahead in single-session day

KARACHI: The last day of the week began only after an IT problem was addressed – meaning only for the second i.e. PM session. The index closed marginally positive, but a record high nonetheless.

The general ambivalence over the policy rate meant that banking and financial sector saw a significant dip general outlook however remained positive.

The Pakistan Stock Exchange’s benchmark KSE-100 index rose 0.15% or 59.84 points to end at 39,528.82.

According to Elixir Securities analyst Ali Raza trading began in the second session and stocks tumbled soon after the opening bell with index heavy exploration and production sector (E&Ps) taking the lead in declines as participants tracked nearly 3% slide of global crude since yesterday evening.

“Selling pressure was also witnessed in financials which traded lower on thin volumes as nervous investors likely offloaded their positions wary of surprise rate-cut in monetary policy announcement due tomorrow Habib Bank (HBL -1.4%), United Bank (UBL -1%).

“Wider market, however, recovered near session’s end with investors cherry picking names in cements, oil and marketing companies and select blue chips, while E&Ps also fetched buying interest at lows and finished the day with trimmed losses.”

Meanwhile JS Global analyst Nabeel Haroon stated that negativity prevailed during the most part of the trading session as the index lost value to make an intraday low of -190 points, as it was the last trading session for investors to rollover their July future positions.

“Investors came in to buy during the latter hours of the trade as the index recovered to close on a flat note (+0.2%).

“Fertiliser sector gained to close in the green zone as fertiliser dispatch number released by NFDC showed 41% month-on-month growth. Major gainers of the sector were Fatima (+1.54%) and Engro Fertiliser (+0.53%).

“Lucky (+1.57%) in the cement sector gained on the back of material information disseminated in the market in which company announced its expansion for its Karachi plant by 1.25 million tons per annum with the investment of around $30 million.

“Investor interest was seen in both the gas utilities, as Sui North (+5%) and Sui South (+3.41%) gained to close in the green zone.”

Trade volumes fell to 145 million shares compared with Thursday’s tally of 181 million shares.

Shares of 319 companies were traded on Friday. At the end of the day 156 stocks closed higher, 144 declined while 19 remained unchanged. The value of shares traded during the day was Rs7.3 billion.

Sui North Gas was the volume leader with 23.7 million shares gaining Rs2.11 to finish at Rs44.37. It was followed by K-Electric with 19.4 million shares gaining Rs0.12 to close at Rs8.23 and TRG Pakistan with 8.4 million shares gaining Rs0.67 to close at Rs34.87.

Foreign institutional investors were net buyers of Rs77 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.

Courtesy : Express Tribune



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