Market watch: Index closes positive for fifth successive session

Benchmark KSE 100-share index increases 49.93 points

KARACHI: Pakistan equities maintained the upward trend, ending marginally higher for a positive finish throughout the week, although a closing over the 43,000-point level remained elusive.

At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index rose 0.12% or 49.93 points to end at 42,999.66 - its highest finish yet. Elixir Securities, in its report, stated the institutional investors traded selectively, likely due to the Monetary Policy announcement (on Saturday).

“There was a noticeable pickup in volumes from the outset of the second as material news hit during mid-session break that ECC has reduced gas prices for the industrial consumers by PKR200 per mmbtu,” said analyst Ali Raza.



“Consequently, textiles, fertilisers and select industrials that are the largest beneficiary of said development rallied with Nishat Mills (NML +2.3%), Kohinoor Textile Mills (KTML +2.8%), Fauji Fertilizers (FFC +0.7%), Engro Fertilizers (EFERT +0.9%) contributing most to the day’s gains,” said Raza.

“On the flip side, index heavy HUBC (-0.9%) and gas twins Sui Northern Gas (SNGP -4.2%) and Sui Southern Gas Company (SSGC -5%) dented KSE-100 index the most.

Meanwhile, JS Global analyst Arhum Ghous was of the view that textile sector closed in the green zone with interest in NML (+2.30%) given anticipated revival in its value added segment. Moreover, the government is considering earmarking a relief package for the export sector,” the analyst remarked.

Trade volumes fell to 502 million shares compared with Thursday’s tally of 564 million.



Shares of 422 companies were traded. At the end of the day, 230 stocks closed higher, 180 declined while 12 remained unchanged. The value of shares traded during the day was Rs14.8 billion.

Amtex Limited was the volume leader with 28.3 million shares, gaining Rs0.74 to finish at Rs3.83. It was followed by Media Times Limited with 23.4 million shares, gaining Rs0.40 to close at Rs5.40 and Sui South Gas with 23.2 million shares, losing Rs2.30 to close at Rs43.83.

Foreign institutional investors were net sellers of Rs212 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 26^th, 2016.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.