Market watch: With rise of 528 points, KSE-100 powers past 41,000
Benchmark index increases 1.3% to settle at 41,049.91
Benchmark index increases 1.3% to settle at 41,049.91. PHOTO: FILE
KARACHI:
In a positive turn of events, bullish sentiment prevailed at the stock market on Thursday as the index gained over 600 points in intra-day trading and ended the day in the black.
The KSE-100 index dipped soon after trading began, but buying momentum later helped reverse the trend. The index marched upwards on expected decisions in a cabinet meeting on measures to narrow the current account deficit and reduce the income tax exemption threshold set by the previous government.
Investors continued to buy stocks of banks, fertiliser and oil and gas exploration companies, which helped the index surpass the 41,000-point mark.
At close, the benchmark KSE 100-share Index recorded an increase of 527.87 points or 1.30% to settle at 41,049.91.
Market watch: KSE-100 loses ground as investors look for positive triggers
Elixir Securities' analyst Muhammad Arbash said equities gained ground with the benchmark KSE-100 index settling above 41,000 points.
"The market recorded an impressive recovery amid aggressive value buying in cement, oil and chemical stocks," the analyst said.
Maple Leaf Cement (-0.2%) had impressive trading volumes of around 22 million shares on reported crossings between institutional investors at a price of around Rs51 per share.
It was followed by strong buying in Lucky Cement (+2.6%), DG Khan Cement (+3.9%) and Pioneer Cement (+5%).
Investor interest and activity was also on the higher side in the oil and gas exploration sector, which contributed 80 points to gains in the KSE-100 index, driven by a continued rise in global crude oil prices, which have now neared 2014 levels, Arbash said.
Market watch: KSE-100 slips 171 points on economic concerns
"[We] expect settlement data, which will be released in the evening, to show foreign outflows from the cement sector. If other sectors also show aggressive selling by foreigners, then this may spoil the new found joy in the market," he added.
Overall, trading volumes increased to 149 million shares compared with Wednesday's tally of 137 million. The value of shares traded during the day was Rs6.7 billion.
Shares of 380 companies were traded. At the end of the day, 259 stocks closed higher, 99 declined and 22 remained unchanged.
Maple Leaf Cement was the volume leader with 21.9 million shares, losing Rs0.12 to close at Rs51.06. It was followed by Unity Foods with 11 million shares, losing Rs2 to close at Rs38.16 and K-Electric with 8.1 million shares, gaining Rs0.10 to close at Rs5.37.
Foreign institutional investors were net sellers of Rs989.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
In a positive turn of events, bullish sentiment prevailed at the stock market on Thursday as the index gained over 600 points in intra-day trading and ended the day in the black.
The KSE-100 index dipped soon after trading began, but buying momentum later helped reverse the trend. The index marched upwards on expected decisions in a cabinet meeting on measures to narrow the current account deficit and reduce the income tax exemption threshold set by the previous government.
Investors continued to buy stocks of banks, fertiliser and oil and gas exploration companies, which helped the index surpass the 41,000-point mark.
At close, the benchmark KSE 100-share Index recorded an increase of 527.87 points or 1.30% to settle at 41,049.91.
Market watch: KSE-100 loses ground as investors look for positive triggers
Elixir Securities' analyst Muhammad Arbash said equities gained ground with the benchmark KSE-100 index settling above 41,000 points.
"The market recorded an impressive recovery amid aggressive value buying in cement, oil and chemical stocks," the analyst said.
Maple Leaf Cement (-0.2%) had impressive trading volumes of around 22 million shares on reported crossings between institutional investors at a price of around Rs51 per share.
It was followed by strong buying in Lucky Cement (+2.6%), DG Khan Cement (+3.9%) and Pioneer Cement (+5%).
Investor interest and activity was also on the higher side in the oil and gas exploration sector, which contributed 80 points to gains in the KSE-100 index, driven by a continued rise in global crude oil prices, which have now neared 2014 levels, Arbash said.
Market watch: KSE-100 slips 171 points on economic concerns
"[We] expect settlement data, which will be released in the evening, to show foreign outflows from the cement sector. If other sectors also show aggressive selling by foreigners, then this may spoil the new found joy in the market," he added.
Overall, trading volumes increased to 149 million shares compared with Wednesday's tally of 137 million. The value of shares traded during the day was Rs6.7 billion.
Shares of 380 companies were traded. At the end of the day, 259 stocks closed higher, 99 declined and 22 remained unchanged.
Maple Leaf Cement was the volume leader with 21.9 million shares, losing Rs0.12 to close at Rs51.06. It was followed by Unity Foods with 11 million shares, losing Rs2 to close at Rs38.16 and K-Electric with 8.1 million shares, gaining Rs0.10 to close at Rs5.37.
Foreign institutional investors were net sellers of Rs989.8 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.