Market watch: Led by oil, index treks north
Benchmark KSE 100-share index increases 192.54 points
A sign of the Pakistan Stock Exchange is seen on its building in Karachi, Pakistan January 11, 2016. PHOTO: REUTERS
KARACHI:
Crude oil price recovery in the international market guided direction at the stock market with index-heavy oil stocks leading the gains on Tuesday.
At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index rose 0.45% or 192.54 points to end at 42,631.58.
JS Global analyst Nabeel Haroon said market continued its positive momentum as the index gained around 192 points.
Exploration and production sector was the major index mover, as the sector gained to close (1.71%) higher from its previous day close, said Haroon.
“This gain was on the back of surge in crude oil prices as it climbed to its three week high, as recent optimistic statements from Iran, Iraq and Libya gave indications that OPEC members might reach to a conclusion on production cut in their upcoming meeting in Vienna, Austria on November 30. Pakistan Oilfields Limited (3.64%) was the top performer of the aforementioned sector.
“Pakistan International Airlines (1.44%) gained on the back of the news that the national carrier has decided to structure the entity into four separate businesses namely flight operations, engineering, training and courier service.
“Bestway Cement Limited gained to close on its upper circuit for the second consecutive day, as the company declared its financial result for year ended FY16 and 1QFY17 yesterday, which was accompanied by hefty dividends in both the announcements,” Haroon added.
Meanwhile, Topline Securities, in its report, said that the local bourse replicated the upward trajectory as observed in regional markets on the back of rising international crude oil prices
“Owing to uptick in crude oil prices, Oil and Gas Development Company (OGDC), Pakistan Oil Fields (POL) and Pakistan Petroleum (PPL) gained between 1.3%-3.6%.
“Oil marketing companies continued to attract positive sentiment as Hascol Petroleum (HASCOL) and Byco Petrolem (BYCO) closed at their upper price limits while Sui Northern Gas Pipeline (SNGP) and Sui Southern Gas Company (SSGC) gained 5% and 3.6%, respectively.”
Trade volumes rose to 467 million shares compared with Monday’s tally of 347 million.
Shares of 428 companies were traded. At the end of the day, 260 stocks closed higher, 152 declined while 16 remained unchanged. The value of shares traded during the day was Rs16.3 billion.
Pace (Pak) was the volume leader with 45.7 million shares, gaining Rs0.92 to finish at Rs12.03. It was followed by Summit Bank with 37.3 million shares, gaining Rs0.27 to close at Rs4.85 and PIAC(A) with 34.2 million shares, gaining Rs0.18 to close at Rs12.72.
Foreign institutional investors were net sellers of Rs1.9 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited
Published in The Express Tribune, November 23rd, 2016.
Crude oil price recovery in the international market guided direction at the stock market with index-heavy oil stocks leading the gains on Tuesday.
At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index rose 0.45% or 192.54 points to end at 42,631.58.
JS Global analyst Nabeel Haroon said market continued its positive momentum as the index gained around 192 points.
Exploration and production sector was the major index mover, as the sector gained to close (1.71%) higher from its previous day close, said Haroon.
“This gain was on the back of surge in crude oil prices as it climbed to its three week high, as recent optimistic statements from Iran, Iraq and Libya gave indications that OPEC members might reach to a conclusion on production cut in their upcoming meeting in Vienna, Austria on November 30. Pakistan Oilfields Limited (3.64%) was the top performer of the aforementioned sector.
“Pakistan International Airlines (1.44%) gained on the back of the news that the national carrier has decided to structure the entity into four separate businesses namely flight operations, engineering, training and courier service.
“Bestway Cement Limited gained to close on its upper circuit for the second consecutive day, as the company declared its financial result for year ended FY16 and 1QFY17 yesterday, which was accompanied by hefty dividends in both the announcements,” Haroon added.
Meanwhile, Topline Securities, in its report, said that the local bourse replicated the upward trajectory as observed in regional markets on the back of rising international crude oil prices
“Owing to uptick in crude oil prices, Oil and Gas Development Company (OGDC), Pakistan Oil Fields (POL) and Pakistan Petroleum (PPL) gained between 1.3%-3.6%.
“Oil marketing companies continued to attract positive sentiment as Hascol Petroleum (HASCOL) and Byco Petrolem (BYCO) closed at their upper price limits while Sui Northern Gas Pipeline (SNGP) and Sui Southern Gas Company (SSGC) gained 5% and 3.6%, respectively.”
Trade volumes rose to 467 million shares compared with Monday’s tally of 347 million.
Shares of 428 companies were traded. At the end of the day, 260 stocks closed higher, 152 declined while 16 remained unchanged. The value of shares traded during the day was Rs16.3 billion.
Pace (Pak) was the volume leader with 45.7 million shares, gaining Rs0.92 to finish at Rs12.03. It was followed by Summit Bank with 37.3 million shares, gaining Rs0.27 to close at Rs4.85 and PIAC(A) with 34.2 million shares, gaining Rs0.18 to close at Rs12.72.
Foreign institutional investors were net sellers of Rs1.9 billion during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited
Published in The Express Tribune, November 23rd, 2016.