Benchmark KSE 100-share Index increases 291.98 points. PHOTO: EXPRESS
At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a rise of 0.70% or 291.98 points at 42,133.54.
Elixir Securities analyst Ali Raza said the equities settled at a new record close above 42k with wider market regaining bullish momentum after Friday’s breather.
“The start to the week was on a positive note as the market gained steadily with investors taking comfort from a smooth progress in court proceedings (in the Panama Papers scandal) during the day and the matter will again be taken up early next week,” he said. Gains in regional markets helped brush aside concerns over global volatility, while recovery in world crude prices pushed index-heavy oil stocks higher.
Raza added that institutional interest was evident in financial stocks as they subsequently helped the KSE-100 index to sail through and sustain 42k.
Index-heavy MCB Bank (+1.5%) and United Bank (+1.4%) led the day’s gains and retail-favourite The Bank of Punjab (+5.5%) topped the volumes chart.
Meanwhile, Attock Refinery (+5%) closed at its upper price limit after the refinery notified the exchange of commencement of its efficiency enhancement project, said Raza.
JS Global analyst Nabeel Haroon said positivity prevailed in the market as the index gained 292 points.
“Fauji Fertilizer Bin Qasim Limited (FFBL, +1.49%) gained following announcement by the company that it would pass a resolution to acquire shares in FFBL Power Company Limited,” said Haroon.
“A coal-based power plant of 110MW is being set up by the company, which is expected to come online by the first quarter of 2017. This plant will add considerably to the company’s bottom line going forward.”
Sui Northern Gas Pipelines (+0.34%) closed in the green zone on the back of news that gas companies would spend around Rs71 billion on upgrading their transmission networks to meet future needs of the country, he said.
“Pakistan Oilfields (+2.25%), Pakistan Petroleum Limited (+0.79%) and Oil and Gas Development Company (+0.22%) gained in the exploration and production sector in the wake of a slight rebound in crude oil prices.”
Trading volumes fell to 333 million shares compared with Friday’s tally of 452 million.
Shares of 429 companies were traded. At the end of the day, 306 stocks closed higher, 110 declined while 13 remained unchanged. The value of shares traded during the day was Rs14.2 billion.
The Bank of Punjab was the volume leader with 48.5 million shares, gaining Rs1 to finish at Rs19.33. It was followed by TRG Pakistan with 26.4 million shares, gaining Rs1.75 to close at Rs44.39 and Azgard Nine with 11.4 million shares, gaining Rs0.62 to close at Rs8.24.
Foreign institutional investors were net sellers of Rs231 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, November 8th, 2016.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ