Market watch: KSE-100 rises over 300 points on enhanced investor interest

Benchmark index gains 0.70% to close at 45,489.62


Our Correspondent March 29, 2018
Benchmark index gains 316.63 points to close at 45,489.62. PHOTO: FILE

KARACHI: The stock market continued to rise on Thursday in the wake of heightened investor interest with the benchmark index advancing over 300 points to finish second successive session in the black.

Cement, banking and oil sectors led the rally, pushing the index to an intra-day high of 45,506.11 points. The KSE-100 Index maintained the upward trend during the trading session.

At close, the benchmark KSE 100-share Index recorded an increase of 316.63 points or 0.70% to settle at 45,489.62.

Elixir Securities' analyst Zainul Abedin said Pakistan equities extended their rise as the benchmark index nearly tested its January peak.

Market watch: Stocks advance on back of cement, auto sectors

"The day kicked off on a positive note driven by gains in cement stocks (1.1%); notables among them were Lucky Cement (+1.4%) and DG Khan Cement (+1.9%) that witnessed strong institutional flows. Other key sectors including oil (+1%) and financial (+0.6%) contributed to the gains as the day progressed," the analyst said.

He expected the market to carry the momentum, driven by oil and financial stocks, on the back of an expected increase in inflation and interest rates.

The monetary policy announcement is scheduled for Friday evening and Elixir Research anticipates that the State Bank will increase the policy rate by 25 basis points to 6.25% in line with the consensus.

Market watch: KSE-100's positive run ends as profit-taking kicks in

Overall, trading volumes increased to 296 million shares compared with Wednesday's tally of 248 million.

Shares of 375 companies were traded. At the end of the day, 185 stocks closed higher, 168 declined while 22 remained unchanged. The value of shares traded during the day was Rs11.9 billion.

K-Electric was the volume leader with 50.5 million shares, gaining Rs0.24 to close at Rs6.99. It was followed by TRG Pakistan with 41.9 million shares, losing Rs2.01 to close at Rs38.20 and Engro Polymer with 28.3 million shares, gaining Rs1.63 to close at Rs34.33.

Foreign institutional investors were net buyers of Rs1.03 billion worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.

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