Market watch: KSE-100 gains 302 points, closes at 49,754

Benchmark increases 0.61% as selective interest seen

KARACHI: The KSE-100 Index gained over 300 points on Wednesday as select interest helped momentum in the absence of any major selling pressure.

At close on Wednesday, the Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index finished with a rise of 302.01 points or 0.61% to end at 49,754.72.

According to Elixir Securities, Pakistan equities inched up on the back of selective interest while the wider market continued to witness listless activity.

"After a sideways open, the index skidded briefly in the red zone as benchmark KSE-100 was pulled lower by losses in index-heavy exploration and production on lower global crude," said analyst Ali Raza.



"Market recovered and took path of steady uptrend as savvy investors cherry picked names in wider market on no major selling pressure.

"Fauji Fertilizer Bin Qasim (FFBL, +5%) closed at the upper price limit in early hours on reported local interest while rumours of expected hike in DAP prices also did the rounds. Meanwhile, International Steels (ISL PA) +4.1% that underwent correction lately came in limelight in final hours of trading and contributed top points to the KSE100 Index.

"On the flip side, index heavy Hub Power (HUBC, -0.6%) led declines likely on profit booking," he added.

Meanwhile, according to JS Global, bullish sentiments dominated for most part of the day.

"Banking sector led the gains in the market as index heavy weights MCB (+0.78%) and UBL (+0.47%) gained to close in the green," said analyst Nabeel Haroon.



"FFBL in the fertiliser sector gained to close on its upper circuit on the back of news that DAP importers are currently in process of negotiating with the concerned ministry for upward revision in DAP prices by Rs200/bag. ISL (+4.07%), INIL (+2.15%) and ASL (+4.26%) in the steel sector gained as investors anticipate Lahore High Court to maintain the duty imposed on dumped imports of cold rolled coil and galvanized steel being imported from China," he added.

Trading volumes rose to 245 million shares compared with Tuesday's tally of 237 million.

Shares of 398 companies were traded. At the end of the day, 217 stocks closed higher, 163 declined while 18 remained unchanged. The value of shares traded during the day was Rs12.3 billion.

Lotte Chemical was the volume leader with 28.3 million shares, losing Rs0.49 to close at Rs11.32. It was followed Aisha Steel Mill with 15.4 million shares, gaining Rs0.95 to close at Rs23.27 and Sui South Gas with 15.2 million shares, gaining Rs1.48 to close at Rs45.21.

Foreign institutional investors were net buyers of Rs68.6 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.