At close, the Pakistan Stock Exchange’s benchmark KSE 100-share Index recorded a rise of 0.85% or 363.54 points to finish at 43,270.90.
Elixir Securities, in its report, stated the morning session was positive, yet it saw lacklustre interest amid cautious trading due to anxiety over foreigners’ selling.
However, fresh flows in the afternoon session helped add to the morning gains with the benchmark index testing a new intraday high above 43,300 points.
“Cement stocks were in the green on bets of record monthly sales during November while industrial and pharma shares also gained, the latter on optimism over pricing and the outlook going forward,” said analyst Faisal Bilwani.
“Oil stocks again churned out healthy volumes as local accumulation on bets of higher global crude helped absorb foreign selling,” he said.
“We see volatility in the days ahead with foreign flows guiding direction, while Tuesday’s court hearing of the prime minister’s family case related to Panama allegations will keep locals cautious and highly selective early next week,” he added.
Meanwhile, JS Global analyst Nabeel Haroon was of the view that positivity prevailed in the market as the index rallied around 363 points to close at 43,271.
“A rally was seen in the cement sector as dispatch numbers are expected to be released in the coming week. Maple Leaf Cement (+1.87%) and DG Khan Cement (+1.32%) were top movers of the sector,” said Haroon.
“The rally continued in the E&P sector on the back of steady oil prices at around $53.50 a barrel after the biggest weekly rally since 2009, following Opec’s decision this week to cut crude output in order to rein in global glut,” remarked the analyst.
“Furthermore, we believe the market will remain volatile and one should invest in high dividend yielding stocks.”
Trading volumes fell to 375 million shares compared with Thursday’s tally of 504 million.
Shares of 416 companies were traded. At the end of the day, 252 stocks closed higher, 149 declined while 15 remained unchanged. The value of shares traded during the day was Rs12.62 billion.
WorldCall Telecom was the volume leader with 50.2 million shares, gaining Rs0.31 to finish at Rs3.19. It was followed by Azgard Nine with 22.8 million shares, gaining Rs1 to close at Rs9.64 and The Bank of Punjab with 20.3 million shares, gaining Rs0.25 to close at Rs18.89.
Foreign institutional investors were net sellers of Rs77 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, December 3rd, 2016.
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