PHOTO: AFP
At close on Thursday, the Pakistan Stock Exchange’s benchmark KSE-100 share index rose 0.66% or 216.60 points to end at 33,139.00.
Elixir Securities analyst Ali Raza said participation increased as investors took comfort from peaceful resolution of protests in the federal capital, while news flow over Pakistan’s reclassification in MSCI Emerging Market index also improved sentiment.
“Moreover, quarter-end window dressing also likely contributed to day’s gains.
“Cements led the gains followed by select financials and fertilisers while exploration and production sector failed to perform due to overnight declines in global crude.
“Index heavy Habib Bank (+0.44%) and MCB Bank (+1.53%) attracted institutional interest and churned volumes of over 5.5 million and 1.4 million shares respectively, while Pak Electron (-1.79%) closed lower after subpar earnings announcement.
“On a quarterly basis, Pakistan market gained 1.15% in dollar terms while MSCI Frontier Market index declined by 2.82% during the same period.
“It is worth noting that volumes during the quarter were the lowest in last three years, primarily due to brokers’ investigations and persistent foreign selling that kept locals at bay.
“Going forward, we expect activity to pick up pace with KSE-100 index testing recent highs.”
Meanwhile, Topline Market Review stated investor interest in the local bourse was goaded by subsiding political tensions as protestor sit-in at the capital ended peacefully, along with news over initiation of consultation process to include Pakistan in MSCI Emerging Market index.
“Pak Elektron (PAEL) announced year-end result in which it reported earnings per share (diluted) of Rs5.8. The stock declined 2.1% as the result was below market expectations.
“Thal Limited (THALL) rose 3.4% after it announced a possible venture into coal based power generation.”
Trade volumes rose to 164 million shares compared with Wednesday’s tally of 116 million shares.
Shares of 353 companies were traded on Thursday. At the end of the day, 192 stocks closed higher, 135 declined while 26 remained unchanged. The value of shares traded during the day was Rs9.7 billion.
K-Electric was the volume leader with 19.4 million shares, gaining Rs0.09 to finish at Rs7.10. It was followed by TRG Pakistan with 15.7 million shares, gaining Rs0.61 to close at Rs28.43 and Pak Elektron with 9.9 million shares, losing Rs1.04 to close at Rs60.47.
Foreign institutional investors were net sellers of Rs537 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, April 1st, 2016.
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