Market watch: Oil, cement take index higher
Benchmark KSE-100 index increases 104.87 points
PHOTO: AFP/FILE
KARACHI:
News of Russia willing to discuss production levels with OPEC members was enough to take oil prices higher, while interest in cements meant the benchmark-100 index sustained its bullish momentum at the end of the week.
At close on Friday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index rose 0.34% or 104.87 points to end at 31,298.60.
Arif Habib Corp’s Ahsan Mehanti said stocks closed higher led by selected oil, fertilisers and cement scrips amid speculations ahead of the monetary policy announcement on Saturday.
“Cement scrips supported the bullish sentiments on strong financial results and positive outlook from CPEC projects.
“Higher global equities, rising crude oil prices played a catalyst role in bullish activity in the earning announcements session at PSX.”
Meanwhile, Global Research, in its report, said news regarding discussions over output proved to be a major trigger for major equity markets around the world.
“Local bourse was no exception. KSE-100 index surged to its intraday high of 31,462 points (+268 pts) as it found support from increase in oil international oil prices (Brent +1.62% day-on-day). However, investors were quick to book gains as the news regarding ambiguity of oil production cut surfaced.
“During the trading session, fundamentals drove the market as expectation of exceptional quarterly earnings by cement sector meant that the sector once again remained in the limelight, contributing nearly 74 points towards the gain. Furthermore, fertiliser sector, led by FFC (-1.26%), dragged the index down.
“Friday’s major supports were Hubco (+1.95%), Lucky (+2.33%), DG Khan (+3.57%) and Pak Tobacco (+5%).”
Trade volumes rose to 141 million shares compared with Friday’s tally of 86 million shares.
Shares of 318 companies were traded on Friday. At the end of the day, 154 stocks closed higher, 141 declined while 23 remained unchanged. The value of shares traded during the day was Rs9.4 billion.
K-Electric was the volume leader with 11.1 million shares, losing Rs0.10 to finish at Rs6.94. It was followed by Pak Elektron (XR) with 10.3 million shares, gaining Rs2.93 to close at Rs61.62 and Fauji Cement with 9.5 million shares, gaining Rs0.84 to close at Rs38.89.
Foreign institutional investors were net sellers of Rs387 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 30th, 2016.
News of Russia willing to discuss production levels with OPEC members was enough to take oil prices higher, while interest in cements meant the benchmark-100 index sustained its bullish momentum at the end of the week.
At close on Friday, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index rose 0.34% or 104.87 points to end at 31,298.60.
Arif Habib Corp’s Ahsan Mehanti said stocks closed higher led by selected oil, fertilisers and cement scrips amid speculations ahead of the monetary policy announcement on Saturday.
“Cement scrips supported the bullish sentiments on strong financial results and positive outlook from CPEC projects.
“Higher global equities, rising crude oil prices played a catalyst role in bullish activity in the earning announcements session at PSX.”
Meanwhile, Global Research, in its report, said news regarding discussions over output proved to be a major trigger for major equity markets around the world.
“Local bourse was no exception. KSE-100 index surged to its intraday high of 31,462 points (+268 pts) as it found support from increase in oil international oil prices (Brent +1.62% day-on-day). However, investors were quick to book gains as the news regarding ambiguity of oil production cut surfaced.
“During the trading session, fundamentals drove the market as expectation of exceptional quarterly earnings by cement sector meant that the sector once again remained in the limelight, contributing nearly 74 points towards the gain. Furthermore, fertiliser sector, led by FFC (-1.26%), dragged the index down.
“Friday’s major supports were Hubco (+1.95%), Lucky (+2.33%), DG Khan (+3.57%) and Pak Tobacco (+5%).”
Trade volumes rose to 141 million shares compared with Friday’s tally of 86 million shares.
Shares of 318 companies were traded on Friday. At the end of the day, 154 stocks closed higher, 141 declined while 23 remained unchanged. The value of shares traded during the day was Rs9.4 billion.
K-Electric was the volume leader with 11.1 million shares, losing Rs0.10 to finish at Rs6.94. It was followed by Pak Elektron (XR) with 10.3 million shares, gaining Rs2.93 to close at Rs61.62 and Fauji Cement with 9.5 million shares, gaining Rs0.84 to close at Rs38.89.
Foreign institutional investors were net sellers of Rs387 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, January 30th, 2016.