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Stocks resume upward journey after a brief pause

Stocks resume upward journey after a brief pause

KARACHI: After one-day breather, the KSE-100 index started up afresh gaining 41.54 points (0.11 per cent) to close at 36,540.97 on Thursday.

The gainers were led by Nestle, Engro and EFoods which were up by 2 to 5pc, contributing around 68 points to the index rise. The trading at the bourse, however, was volatile with the index making intraday high and low by 184 and 37 points, respectively.

Positivity prevailed on the emerging market (EM) status as June 14 comes closer. Yet stray questions were being raised on issue such as Pakistan’s qualification from quantitative perspective ie absolute market cap; free float and Annual Trade Value Ratio (ATVR). Volumes during the day declined by 21pc to 213m shares with KEL again in the lead. Traded value was up 7pc to Rs9.7bn.

“Cement sector remained under pressure on likely increase in the Federal Excise Duty (FED) in the upcoming budget. Major scrips like Lucky Cement, MLCF and FCCL were down 0.5-2pc,” said dealers at Topline Securities. Despite FBR’s proposal to abolish 16pc FED on banks, MCB fell 0.9pc and HBL 0.5pc.

Stocks resume upward journey after a brief pause1

“EFoods rose 4.08pc and Engro 1.54pc were the major index movers that gained on the back of rumours that the sale of EFoods to Friesland Campina had been finalised on a higher than expected price,” observed Ahmed Saeed Khan at JS Global.

Global crude oil prices where Brent trades above $50 a barrel for the first time since November 2015, representing a six month high, failed to entice investors as profit-taking was witnessed across the oil sector. Major losers were MARI down 0.5pc and Byco 3.13pc.

Analyst Ahsan Mehanti commented that leverage stocks led the pre-budget gains on Thursday amid concerns on likely new taxes on the corporate sector.

Courtesy : Dawn News



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