Index snaps six-session losing streak, ends 207 points higher

KSE-100 Index rises 0.43%, ends at 48,155.93

KARACHI: After almost a week of suffering due to investor caution amid rising political noise, the benchmark KSE-100 Index finally ended with a rise of 206.6 points or 0.43% - its first positive finish in seven sessions.

The day began with the market carrying forward its negative momentum with the index dipping close to the 47,680-point level before bulls returned to take it beyond 48,000. The KSE-100 eventually finished at 48,155.93.

The sudden northward hike can mainly be attributed to reports suggesting that the verdict of the Panama case is expected by mid-April. Investors who remained mainly on the sidelines took centre stage and fueled the bullish sentiment.

At close, the Pakistan Stock Exchange's benchmark KSE 100-share Index recorded a rise of 206.60 points or 0.43% to end at 48,155.93.



Elixir Securities analyst Faisal Bilwani said equities closed the day, week and the quarter on a positive note with late buying likely on quarter-end window dressing helping benchmark KSE-100 index break the six day losing streak.

"Activity was significantly better as a dull morning was followed by strong afternoon session that ensured volumes were highest since start of the month and up by near 40% against March average," said Bilwani.

"Most volumes were seen in small and mid-cap speculative plays on retail participation while locals aggressively participated in last the 30 minutes of the day and cherry picked bluechips at lows."

JS Global analyst Nabeel Haroon said the market remained under pressure during the first half of the trading session as the index dropped to make an intraday low of -271 points.



"However, recovery was witnessed in the last hour of the trading session as the index gained to close above 48,000," said Haroon.

"Hascol lost value to close in the red zone as the oil marketing company declared its year end result for 2016.

"Shell gained to close on its upper circuit, whereas Attock Petroleum Limited (+0.95%) and Pakistan State Oil (+0.55%) managed to close in the green zone as well.

"Bank of Punjab (-4.05%) extended its previous day loss as the banking company declared its result for 2016 in which it posted earnings per share of Rs3.12 along with a right share announcement  of 70% at a premium of Rs2/- per share."

Overall, trading volumes rose to 273 million shares compared with Thursday's tally of 241 million.



Shares of 381 companies were traded. At the end of the day, 224 stocks closed higher, 143 declined while 14 remained unchanged. The value of shares traded during the day was Rs11.8 billion.

The Bank of Punjab was the volume leader with 41.9 million shares, losing Rs0.61 to close at Rs14.44. It was followed by Azgard Nine with 24.2 million shares, gaining Rs0.26 to close at Rs13.36 and K-Electric with 20.9 million shares, losing Rs0.03 to close at Rs8.18.

Foreign institutional investors were net sellers of Rs305 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.