Benchmark KSE 100-share Index rises 351.01 points PHOTO: FILE
At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded a rise of 351.01 points to end at 49,364.83.
Elixir Securities, in its report, stated the market opened gap up and traded higher throughout as notable names across industrials and consumers remained buoyant for the second straight day on steady buying from local institutions as well as retail investors.
“The official Share Purchase Agreement signing ceremony of PSX stake sale to Chinese consortium further bolstered investors' sentiments. Interest in steel sector remained strong over recent imposition of anti-dumping duties on imports,” said analyst Ali Raza.
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“Cements closed in green with Cherat Cement (CHCC PA +4.2%) coming under the limelight as company notified exchange of successful installation and commissioning of its second manufacturing line and WHR plant,” said Raza.
“Notably, Oil and Gas Development Company (OGDC PA +1.2%) closed in the green after losing over 9% in the last five trading sessions on news of potential stake divestment of up to 5% by the government,” he commented.
“[We] see market inch further up in days ahead with KSE-100 Index testing and surpassing the 50,000 level as excitement over earnings and pay-outs likely become the key trigger,” he added.
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Meanwhile, JS Global analyst Nabeel Haroon said that the market extended its previous day gain as the index gained around 351 points to close at 49,365 level.
“INIL, ISL and ASL in the steel sector gained to close on their respective upper circuits for the second consecutive day on the back of the news that NTC has imposed definitive anti-dumping duties on dumped imports of cold rolled coils/sheets from China and Ukraine in the range of 13-19%,” said Haroon.
“CHCC (+4.22%) in the cement sector gained on the back of announcement by the company that its second line of manufacturing along with its waste heat recovery plant has commenced operation at its existing location at Nowshera, K-P province,” the analyst remarked.
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“Investor interest was seen in the pharmaceutical sector, as it gained to close (+2.9%) higher than its previous day close. SAPL (+1.61%) and ABOT (+3.57%) were major gainers of the aforementioned sector.
“Today's top index influencers were HUBC (+1.69%), UBL (+1.21%) and OGDC (+1.21%),” he added.
Trading volumes rose to 459 million shares compared with Thursday’s tally of 456 million.
Shares of 425 companies were traded. At the end of the day, 262 stocks closed higher, 154 declined while 9 remained unchanged. The value of shares traded during the day was Rs22.9 billion.
Telecard Limited was the volume leader with 49 million shares, gaining Rs0.40 to finish at Rs5.55. It was followed by Faysal Bank with 29.8 million shares, losing Rs1.37 to close at Rs27.11 and TRG Pakistan with 19 million shares, gaining Rs0.46 to close at Rs50.63.
Foreign institutional investors were net sellers of Rs804 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.
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