Market watch: After torrid ride, KSE-100 ends 2017 on positive note

Published: December 29, 2017
Benchmark index gains 100.17 points to settle at 40,471.48. PHOTO: FILE

Benchmark index gains 100.17 points to settle at 40,471.48. PHOTO: FILE

KARACHI: Continuing its streak for a seventh straight session, the stock market ended the last session of the year on a positive note.

The KSE-100 witnessed a mixed ride as it soared to make an intra-day high of 270 points in the first half, but later dropped 90 points due to profit-taking. Despite the decline, the index still finished in the green. The positivity at the bourse was led by stability at the political front, which soothed investors’ concerns.

At the end of trading, the benchmark KSE 100-share Index registered an increase of 100.17 points or 0.25% to settle at 40,471.48.

JS Global analyst Maaz Mulla said that with the last trading session of the rollover week and 2017, the local bourse closed 100 points positive, at 40,471 level. “Volumes also remained healthy,” Mulla remarked.

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PTC (+6.10%) witnessed healthy volumes on the back of media reports regarding resolution of land transfer dispute between the government and Etisalat.

Fertilisers sector witnessed decent participation, where EFERT (+1.27%) and FFC (+2.32%) were the major gainers of the mentioned sector. Refinery sector lost value in Friday’s trading session on media reports of the government restricting furnace oil imports, where ATRL (-3.0%) and NRL (-4.42%) declined to close in red.

Material information was released by MLCF regarding putting construction of its new line of 7,300 tons/day on hold following order of the Environmental Protection Agency.

“We anticipate strong institutional flows to continue, however, positive news from the political front will be a key trigger to drive market sentiments. We advise investors to have a buy stance on cement, steel and fertiliser sectors,” Mulla added.

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Overall, trading volumes increased to 240 million shares compared with Thursday’s tally of 239 million.

Shares of 365 companies were traded. At the end of the day, 173 stocks closed higher, 178 declined while 14 remained unchanged. The value of shares traded during the day was Rs9.4 billion.

PTCL was the volume leader with 25.4 million shares, gaining Rs0.75 to close at Rs13.05. It was followed by Dewan Cement with 12.5 million shares, gaining Rs0.50 to close at Rs17.29 and K-Electric with 11.5 million shares, gaining Rs0.11 to close at Rs6.31.

Foreign institutional investors were net buyers of Rs909 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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