Market watch: KSE-100 treks higher, closes at 51,750.91

Benchmark index increases 324.90 points on Friday


Our Correspondent May 12, 2017
PHOTO: FILE

KARACHI: As the MSCI reclassification date comes closer, investors continued to showcase their excitement with Friday’s session being no different.

Driven by index-names, the KSE-100 Index continued to finish at record high levels, putting days of political uncertainty behind it.

At close, the Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index recorded an increase of 324.90 points, or 0.63%, to end at 51,750.91.

Market watch: Driven by oil and cement stocks, index settles at new high

Elixir Securities analyst Ali Raza said the Pakistan equities closed the week higher helped by gains in index names that pushed benchmark KSE-100 Index over new record level of 51,700.

“Stocks initially struggled for direction but then got on the path of steady uptrend as institutional buying in key blue chips across oils, financials, cements and power sector resulted in index holding onto gains till the end of the trading session,” said Raza.

“Major contribution to Index came from Engro Corp (ENGRO, +1.8%), followed by MCB Bank (MCB, 2%), Oil & Gas Development (OGDC, +1.4%), Pakistan State Oil (PSO,+2.5%) and Hub Power (HUBC ,+1.3%).”

Major dent came from index heavy Habib Bank HBL, -0.4% and Searle Company (SEARL,-1.2%), said Raza.

Highlight was Crescent Steel (CSAP,+5%) that hit the upper price limit after the company notified investors of being awarded a contract from Sui Northern Gas Co (SNGP,+0.6%) worth $40 million.

JS Global analyst Arhum Ghous said the local bourse remained largely in the 'green zone' during the last trading day of the week.

OGDC and Pakistan Petroleum (+1.06%), in the exploration and production sector, extended their previous day gains as crude oil prices surged to trade around $47.73/bbl level closing in the green trajectory, said Ghous.

Market watch: KSE-100 index rises slightly, crosses 51,100 barrier

“Investor interest was seen in the steel sector as it close (+2.0%) higher, where International Industries Limited (INIL, +4.79%) gained to close on its respective upper circuit.”

Optimism in INIL was mainly due to material information released that a contract has been awarded by SNGP for supply of API line pipes valued at approximately Rs2, 670 million, said Ghous.

Market watch: Banking sector takes the hit as KSE-100 plunges

Overall, trading volumes fell to 346 million shares compared with Thursday’s tally of 397 million.

Shares of 389 companies were traded. At the end of the day, 197 stocks closed higher and 169 declined while 23 remained unchanged. The value of shares traded during the day was Rs18.7 billion.

Summit Bank was the volume leader with 34.5 million shares, gaining Rs0.78 to close at Rs7.08. It was followed by K-Electric with 22.2 million shares, gaining Rs0.26 to close at Rs8.05 and Byco Petroleum with 19.3 million shares, losing Rs0.96 to close at Rs22.02.

Foreign institutional investors were net sellers of Rs217 million during the trading session, according to data maintained by the National Clearing Company of Pakistan Limited.

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