Benchmark KSE 100-share Index rises 51.04 points.
KARACHI: Pakistan equities maintained their winning streak heading into the new week with the benchmark KSE 100-share Index touching a fresh record high, settling above 40,400 points.
At close on Monday, the Pakistan Stock Exchange’s benchmark index recorded a rise of 0.13% or 51.04 points to end at 40,414.72.
Elixir Securities, in its report, stated sideboard stocks again had a field day as many retail favourites and second-tier names maintained their northbound ride and generated heavy volumes in the process.
“Volumes on the KSE All-share Index were phenomenal and hit a fresh 11-year high (the highest since February 2005),” said analyst Faisal Bilwani.
“On the leaders board, retail favourite TRG Pakistan (+5%) contributed the most to the KSE-100 index, followed by the recent laggard K-Electric (+2.3%), which sprang into action with volumes doubling in the last 30 minutes of trade.”
Meanwhile, activity in blue chips remained fairly muted with many index names failing to sustain their intra-day gains, Bilwani added.
JS Global analyst Ahmed Saeed Khan was of the view that positivity prevailed in the market as the index rallied to close at an all-time high.
“Honda Atlas Cars (+5%) continued to remain in the limelight on the back of 50% month-on-month increase in sales for August,” he said.
“Similarly, on the back of surging local auto sales, interest was seen in stocks of heavy commercial vehicle manufacturers as Hino (+5%) and Millat Tractors (+5%) closed at their respective upper circuits.”
Marginal positivity was recorded in the oil sector on the back of appreciating global crude prices as members of the Organisation of Petroleum Exporting Countries discussed an output freeze, he added.
Top performers of the oil marketing company (OMC) sector were Pakistan State Oil (+1.39%) and Attock Petroleum (+3.29%).
Marginal positivity was witnessed in the cement sector on the back of rising local sales, where major gainers were Dewan Cement (+5%) and Cherat Cement (+0.6%).
“Overall, we are bullish on the market and expect further upside from these levels and early accumulation is therefore advised,” Khan said.
Trade volumes rose to 877 million shares compared with Friday’s tally of 851 million.
Shares of 462 companies were traded. At the end of the day, 292 stocks closed higher, 156 declined while 14 remained unchanged. The value of shares traded during the day was Rs19.2 billion.
WorldCall Telecom was the volume leader with 70.4 million shares, gaining Rs0.04 to finish at 2.87. It was followed by The Bank of Punjab with 67.6 million shares, gaining Rs0.34 to close at Rs12.62 and Pace (Pak) Limited with 39.4 million shares, gaining Rs1 to close at Rs9.78.
Foreign institutional investors were net sellers of Rs1.1 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, September 20th, 2016.
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