KARACHI: In a turn of events, the KSE-100 Index climbed north on the last day of the week, increasing 685 points as buying across the board helped it surpass the 43,500 mark.
Bank and oil stocks led the rally, helping the benchmark shoot up 749 points in intra-day trading before minor profit-taking brought the index down.
At close, the benchmark 100-share index recorded an increase of 684.75 points or 1.59% to settle at 43,627.10.
JS Global analyst Danish Ladhani said equities made a comeback from a two-day straight decline with the benchmark KSE-100 Index finally closing at 43,627.
On the political front, the government of Pakistan has decided to take action on United States' move of putting Pakistan on a global terror-financing watch list. On the economy front, Pakistan's external debt and liabilities have risen sharply to almost $89 billion at the end of December 2017.
"KSE-100 heavyweights such as HBL (+3.42%), OGDC (+1.23%), UBL (+3.22%), PPL (+2.80%), MCB (+1.43%), LUCK (+2.16%), HUBC (+1.50%) and POL (+1.79%) drove the bourse to close in the green zone," said Ladhani.
"Cement stocks witnessed a rebound where CHCC (+2.61%), LUCK (+2.16%), KOHC (+1.67%) and DGKC (+1.55%) were major movers in the sector. MLCF (-2.58%) announced its 1HFY18 result where the company posted consolidated EPS of Rs4.12 with a cash payout of Rs1.50.
Market watch: Foreigners turn buyers, but KSE-100 falls below 43,000
"Hascol (+4.27%) from the OMC sector closed near its upper circuit on the back of material information released that HASCOL has partnered with Total Parco to operate its oil storage facilities in a cost sharing basis in Sahiwal.
"Moving forward, we expect market to remain volatile due to start of futures roll over next week and expect flows from the local institutions and foreigners directing the market," he added.
Shares of 379 companies were traded. At the end of the day, 259 stocks closed higher, 93 declined while 27 remained unchanged. The value of shares traded during the day was Rs5.84 billion.
TRG Pakistan was the volume leader with 13.8 million shares, gaining Rs0.89 to close at Rs36.44. It was followed by Azgard Nine with 11.3 million shares, gaining Rs0.68 to close at Rs20 and Pakistan Stock Exchange with 5.7 million shares, gaining Rs0.27 to close at Rs24.80.
Foreign institutional investors were net sellers of Rs65.5 million during the trading session, according to data compiled by the National Clearing Company of Pakistan.
Published in The Express Tribune, February 17th, 2018.
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