KARACHI: Market activity picked up on the opening day of the week with the KSE-100 Index ending positive but still short of the 43,000-point mark.
The index opened positive and gained steadily throughout the day
At close, the benchmark KSE 100-share Index recorded an increase of 157.49 points or 0.37% to settle at 42,745.78.
Elixir Securities’ analyst Muhammad Arbash said equities closed marginally positive with the benchmark KSE-100 Index settling above 42,700.
“The market extended its rise after a positive opening as it climbed up to test 42,871 intra-day led by Lucky Cement (LUCK PA +1.0%), Attock Refinery Limited (ATRL PA +3.8%) and National Refinery Limited (NRL PA +3.2%),” Arbash remarked.
“Engro Polymer & Chemical (EPCL PA +3.7%) ruled the volumes’ chart with over 20 million shares changing hands after the company announced its contract with Taichin Corp China for an integrated manufacturing facility with an annual capacity of 100,000 metric tons,” he added.
“On the results front, Fauji Cement (FCCL PA +1.6%) announced its annual result for FY18 where it announced an EPS of Rs2.49, along with a cash dividend of Rs1/share.
“The recent political developments show that the risk of opposition-nominated president being elected to power has now subsided. With the political dust settling, we expect foreign flows to once again play a key role in the ongoing week as Quarterly Re-balancing by MSCI Tracker Funds is due on Friday.”
Overall, trading volumes increased to 217.6 million shares compared with Friday’s tally of 115.9 million. The value of shares traded during the day was Rs9 billion.
Shares of 380 companies were traded. At the end of the day, 191 stocks closed higher, 176 declined while 13 remained unchanged.
Engro Polymer was the volume leader with 20.3 million shares, gaining Rs1.25 to close at Rs35.51. It was followed by Siddiqsons Tin Plate with 17.8 million shares, gaining Rs1 to close at Rs20.48 and TRG Pakistan Limited with 11.8 million shares, gaining Rs0.46 to close at Rs32.84.
Foreign institutional investors were net sellers of Rs79.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.