Market watch: KSE-100 continues to gain momentum, rises over 200 points
Benchmark index increases 0.51% to settle at 40,624.39
Benchmark index increases 0.51% to settle at 40,624.39. PHOTO: FILE
KARACHI:
The KSE-100 index gained over 204 points on Tuesday as Finance Minister Asad Umar revealed that negotiations with the International Monetary Fund (IMF) were progressing and the lender had relaxed many pre-programme conditions.
The stock market remained choppy in early hours, dropping over 93 points, but the index recovered later to close above 40,500 points.
The market oscillated between red and black zones and although it largely remained positive, the nervousness was very well noted in blue chips which came under selling pressure.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 204.3 points, or 0.51%, to settle at 40,624.39.
KSE-100 climbs 958 points as foreigners turn buyers
Elixir Securities' analyst Murtaza Jafar said equities continued their winning streak with the benchmark KSE-100 index settling at 40,624.
He said stocks of oil marketing companies remained in the limelight due to the moratorium on granting new licences to domestic investors until new minimum investment requirements are approved by the Economic Coordination Committee (ECC) of the cabinet.
In a related development, the government gave the go-ahead for raising Rs200 billion through Sukuk for partial resolution of the circular debt issue, he added.
As a result, Attock Petroleum (+5%), Shell Pakistan (+5%), Pakistan State Oil (+2.2%), Pakistan Petroleum Limited (+1.96%) and Oil and Gas Development Company (+1.63%) went up.
On the corporate front, Fauji Foods (-0.41%) announced its CY18 result, posting loss per share of Rs5.39 along with material information that it was seeking Rs3 billion in loan from the parent company, Fauji Fertiliser Bin Qasim (-1.49%).
"Going forward, we expect investors to take cue from the upcoming monetary policy statement due on January 31," the analyst added.
Market watch: KSE-100 advances despite lower volumes
Overall, trading volumes increased to 154.7 million shares compared with Monday's tally of 126 million. The value of shares traded during the day was Rs6.86 billion.
Shares of 347 companies were traded. At the end of the day, 177 stocks closed higher, 147 declined and 23 remained unchanged.
Dewan Cement was the volume leader with 10.56 million shares, gaining Re1 to close at Rs13.87. It was followed by Pakistan International Airlines Corp with 10.13 million shares, gaining Rs0.07 to close at Rs7.34 and Fauji Foods with 6.8 million shares, losing Rs0.14 to close at Rs33.7.
Foreign institutional investors were net buyers of Rs204.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The KSE-100 index gained over 204 points on Tuesday as Finance Minister Asad Umar revealed that negotiations with the International Monetary Fund (IMF) were progressing and the lender had relaxed many pre-programme conditions.
The stock market remained choppy in early hours, dropping over 93 points, but the index recovered later to close above 40,500 points.
The market oscillated between red and black zones and although it largely remained positive, the nervousness was very well noted in blue chips which came under selling pressure.
At the end of trading, the benchmark KSE 100-share Index recorded an increase of 204.3 points, or 0.51%, to settle at 40,624.39.
KSE-100 climbs 958 points as foreigners turn buyers
Elixir Securities' analyst Murtaza Jafar said equities continued their winning streak with the benchmark KSE-100 index settling at 40,624.
He said stocks of oil marketing companies remained in the limelight due to the moratorium on granting new licences to domestic investors until new minimum investment requirements are approved by the Economic Coordination Committee (ECC) of the cabinet.
In a related development, the government gave the go-ahead for raising Rs200 billion through Sukuk for partial resolution of the circular debt issue, he added.
As a result, Attock Petroleum (+5%), Shell Pakistan (+5%), Pakistan State Oil (+2.2%), Pakistan Petroleum Limited (+1.96%) and Oil and Gas Development Company (+1.63%) went up.
On the corporate front, Fauji Foods (-0.41%) announced its CY18 result, posting loss per share of Rs5.39 along with material information that it was seeking Rs3 billion in loan from the parent company, Fauji Fertiliser Bin Qasim (-1.49%).
"Going forward, we expect investors to take cue from the upcoming monetary policy statement due on January 31," the analyst added.
Market watch: KSE-100 advances despite lower volumes
Overall, trading volumes increased to 154.7 million shares compared with Monday's tally of 126 million. The value of shares traded during the day was Rs6.86 billion.
Shares of 347 companies were traded. At the end of the day, 177 stocks closed higher, 147 declined and 23 remained unchanged.
Dewan Cement was the volume leader with 10.56 million shares, gaining Re1 to close at Rs13.87. It was followed by Pakistan International Airlines Corp with 10.13 million shares, gaining Rs0.07 to close at Rs7.34 and Fauji Foods with 6.8 million shares, losing Rs0.14 to close at Rs33.7.
Foreign institutional investors were net buyers of Rs204.9 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.