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Stocks breach 38,000 barrier; wipe out Brexit losses

Stocks breach 38,000 barrier; wipe out Brexit losses

KARACHI: Stocks staged strong rally on the first trading session after the long Eid holidays as Pakistan Stock Exchange’s benchmark 100-share index comfortably breached the 38,000 resistance level.

The KSE-100 index on Monday rose 401.20 points, or 1.06 per cent, to close at 38,367.96.

Early in the day, the index fell by 162 points, but later tracked the regional and global markets which have recovered considerably after a British vote to leave the European Union. “With today’s move, the KSE-100 Index has completely retraced losses seen post-Brexit verdict,” said analysts at Intermarket Securities.

Volumes surged 44pc to 159.5 million shares and value skyrocketed 77pc to Rs12.5 billion over the last trading session.

Engro Foods (EFOODS) continued its downward trajectory, losing another 4.7pc over the news that its parent company, Engro Corporation (ENGRO), was selling its 51pc stake in the subsidiary.

Hascol Petroleum (HAS­COL), National Refinery (NRL) and Pakistan Refinery (PRL) closed at their upper limit of 5pc on talks of likely improvement in margins.

Despite significant weakness in the yen value, autos remained mixed with an outstanding finish (+5pc) from Ghandhara Industries (GHNI).

Lucky Cement (LUCK), Hub Power Company (HUBC), Dawood Hercules Corporation (DAWH), Fauji Fertiliser Company (FFC) and Habib Bank (HBL) added 180 points to the index, whereas Fauji Meat Limited (FML), EFOODS and MCB took away 49 points.

As for sectors, materials, healthcare and utilities performed the best while consumer goods took the brunt of selling pressure.

Analyst Ahmed Saeed Khan at JS Global stated that the exploration and production sector ignored the decline in global crude oil prices and stayed comfortably in the green zone. Pakistan Petroleum (PPL) rallied 1.78pc on the back of oil and gas reserves discovery at Makori-East 5.

Rally was witnessed in the cement sector on demand surging 9.2pc year-on-year in June. Top performers of the sector were LUCK up 3.48pc and DG Khan Cement 2.32pc.

Courtesy : Dawn News



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