Market watch: Buying spree continues, as KSE-100 rises for sixth successive session
Benchmark gains 90.27 points to close at 46,103.61
Benchmark gains 90.27 points to close at 46,103.61. PHOTO: AFP
KARACHI:
Positive momentum continued at the stock market as the KSE-100 Index rose for the sixth successive session to finish above 46,100 but after trimmed gains.
After a sideways open, the KSE-100 index started an upward ascent, gaining 434 points in intra-day trading as buying interest was seen in banking and cement stocks. After an intra-day high of 46,447.91 points, the index dropped as investors resorted to profit-taking. However, despite late selling the index finished in the green.
At close, the benchmark KSE 100-share Index finished with an increase of 90.27 points or 0.20% to settle at 46,103.61.
JS Global analyst Maaz Mulla said equities extended gains in Wednesday's trading session.
Market watch: KSE-100 breaks 46,000 barrier after 272-point gain
"Market started off with trading sideways, but soon gained its momentum making an intraday high of 434 to finally close the index at 46,104. Interest came in financials where major banks such as MCB (+0.32%), HBL (+0.84%), UBL (+1.30%) NBP (+4.80%) closed positive as the Pakistan Banks Association (PBA) proposed that banks should be paid 2% collection charges for performing WHT agent," Mulla remarked.
"Moreover, the association also proposed no super tax on banking companies to the FBR for the coming year. On the flip side, cements closed in the red where DGKC (-3.57%), FCCL (-2.35%), PIOC (-1.02%) and LUCK (-0.83%) were the major laggards as profit-taking was witnessed by investors in the sector, while prices further increased by Rs10/bag in the North region.
"EFERT (+0.81%) and FFC (+1.34%) showed some relief in the fertiliser sector on expected short supply of Urea from May 2018, leading to higher urea prices.
"We expect overall activity to remain buoyant in the coming sessions with flows from Foreigners and Local institutions guiding the market direction," Mulla remarked.
Market watch: Banks take a hit, but KSE-100 ends positive for 4th successive session
Overall, trading volumes decreased to 270 million shares compared with Tuesday's tally of 282.6 million.
Shares of 390 companies were traded. At the end of the day, 220 stocks closed higher, 152 declined while 18 remained unchanged. The value of shares traded during the day was Rs13.8 billion.
Engro Polymer was the volume leader with 22.8 million shares, losing Rs0.14 to close at Rs36.62. It was followed by Lotte Chemical with 15.5 million shares, losing Rs0.09 to close at Rs11.14 and K-Electric with 12.8 million shares, gaining Rs0.03 to close at Rs6.99.
Foreign institutional investors were net buyers of Rs459.4 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
Positive momentum continued at the stock market as the KSE-100 Index rose for the sixth successive session to finish above 46,100 but after trimmed gains.
After a sideways open, the KSE-100 index started an upward ascent, gaining 434 points in intra-day trading as buying interest was seen in banking and cement stocks. After an intra-day high of 46,447.91 points, the index dropped as investors resorted to profit-taking. However, despite late selling the index finished in the green.
At close, the benchmark KSE 100-share Index finished with an increase of 90.27 points or 0.20% to settle at 46,103.61.
JS Global analyst Maaz Mulla said equities extended gains in Wednesday's trading session.
Market watch: KSE-100 breaks 46,000 barrier after 272-point gain
"Market started off with trading sideways, but soon gained its momentum making an intraday high of 434 to finally close the index at 46,104. Interest came in financials where major banks such as MCB (+0.32%), HBL (+0.84%), UBL (+1.30%) NBP (+4.80%) closed positive as the Pakistan Banks Association (PBA) proposed that banks should be paid 2% collection charges for performing WHT agent," Mulla remarked.
"Moreover, the association also proposed no super tax on banking companies to the FBR for the coming year. On the flip side, cements closed in the red where DGKC (-3.57%), FCCL (-2.35%), PIOC (-1.02%) and LUCK (-0.83%) were the major laggards as profit-taking was witnessed by investors in the sector, while prices further increased by Rs10/bag in the North region.
"EFERT (+0.81%) and FFC (+1.34%) showed some relief in the fertiliser sector on expected short supply of Urea from May 2018, leading to higher urea prices.
"We expect overall activity to remain buoyant in the coming sessions with flows from Foreigners and Local institutions guiding the market direction," Mulla remarked.
Market watch: Banks take a hit, but KSE-100 ends positive for 4th successive session
Overall, trading volumes decreased to 270 million shares compared with Tuesday's tally of 282.6 million.
Shares of 390 companies were traded. At the end of the day, 220 stocks closed higher, 152 declined while 18 remained unchanged. The value of shares traded during the day was Rs13.8 billion.
Engro Polymer was the volume leader with 22.8 million shares, losing Rs0.14 to close at Rs36.62. It was followed by Lotte Chemical with 15.5 million shares, losing Rs0.09 to close at Rs11.14 and K-Electric with 12.8 million shares, gaining Rs0.03 to close at Rs6.99.
Foreign institutional investors were net buyers of Rs459.4 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.