Benchmark KSE-100 index rises 191.66 points. PHOTO: AFP/FILE
Index-heavy financials stole the limelight to help the index close 33,211.92. At close on Thursday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index recorded a rise of 0.58% or 191.66 points.
Elixir Securities, in its report, said Pakistan equities added to Wednesday’s gain and closed positive with benchmark KSE-100 settling over 33,200. “Stocks had a positive start as latest news flows on economic had a favorable impact on wider market sentiments,” said the report
“Cements and fertilisers succumbed to profit-taking and closed lower while steel sector gained on rumours of government imposing 5% regulatory duty on steel imports, resulting in most steel names opening gap up and trading higher during the day.
“Financials continued to gain and emerged as top movers on reported foreign buying; United Bank Limited (UBL,+3.55%) and MCB Bank (MCB, +2.55%) cumulatively added 85 points to the benchmark index.”
Meanwhile, JS Global analyst Ovais Ahsan said positive momentum prevailed at the session with the banking sector leading the gains. “Investors bought into attractive valuations offered in the sector,” said Ahsan.
“Resumption of composite dialogue with India together with expectations that the IMF Board will approve the next tranche of its extended arrangement in its meeting on December 18 added to the positive sentiment.
“Defensive plays like Hubco -0.31% and Kot Addu Power Company Limited -1.08% remained under selling pressure as investors choose to reallocate to other sectors.”
Trade volumes fell to 171 million shares compared with Wednesday’s tally of 195 million. Shares of 347 companies were traded on Thursday. At the end of the day, 171 stocks closed higher, 159 declined and 17 remained unchanged. The value of shares traded during the day was Rs8.8 billion.
Sui Southern Gas was the volume leader with 16.6 million shares, gaining Rs0.45 to finish at Rs43.93. It was followed by K-Electric Limited with 12.6 million shares, gaining Rs0.13 to close at Rs7.69 and Sui Northern Gas Pipelines Limited with 10.5 million shares, gaining Rs0.47 to close at Rs30.59.
Foreign institutional investors were net sellers of Rs274 million worth of shares during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 11th, 2015.
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