Market watch: KSE-100 gains 109 points in range bound session
Benchmark index rises 0.34% to settle at 32,363.35 points
Benchmark index rises 0.34% to settle at 32,363.35 points. PHOTO: REUTERS
The stock market rose on Wednesday as buying interest in shares of cement companies once again helped the benchmark index march upwards.
The market remained on the winning streak for the third consecutive session as it was mostly in control of the bulls. However, the KSE-100 index traded in a narrow band.
According to Aba Ali Habib Research, investors remained cautious ahead of the release of September inflation reading, which was expected to jump to 11.10% against 10.49% in August 2019. The Pakistan Bureau of Statistics (PBS) has announced a new methodology for determining the pace of inflation with a revised base and weightage of commodities.
At close, the benchmark KSE 100-share Index recorded an increase of 109.03 points, or 0.34%, to settle at 32,363.35 points.
JS Global analyst Danish Ladhani said equities closed on a positive note with the benchmark KSE-100 index gaining 109 points and closing at 32,363, up 0.3%. "The bourse remained range bound throughout the session but saw brief positivity in later hours of trade."
Mixed sentiment was seen in financial stocks among which HBL (+4.3%) and UBL (+1.3%) remained in the green zone whereas MCB Bank (-1.1%) and Bank AL Habib (-1.1%) came under pressure.
Once again, the cement sector provided vital support for the bourse where Maple Leaf Cement (+5.4%), DG Khan Cement (+5%), Cherat Cement (+5%) and Pioneer Cement (+5%) closed limit up on market talk that players in the northern region might increase cement prices by Rs15 to Rs20 per bag.
In the fertiliser sector, Engro (-0.1%), Fauji Fertiliser Company (-0.4%) and Engro Fertilisers (-1.1%) were in the red.
Oil and gas sector heavyweights came under pressure as Pakistan Oilfields (-1.2%), Pakistan Petroleum (-0.8%) and Oil and Gas Development Company (-1.1%) fell following a decline in international oil prices.
The daily traded value stood at $35 million, up 8% and volumes stood flat at 181 million shares.
"Moving ahead, we expect the market to remain choppy with selling expected in the oil and gas sector following decline in crude oil prices in the international market. Moreover, investors should wait for the FATF (Financial Action Task Force) meeting," Ladhani added.
Arif Habib Limited, in its report, said that the market traded in a narrow range between +134 points and -74 points. Stocks of refineries and oil marketing companies were unaffected by the decline in global oil prices, it said.
The research house said the cement sector stayed in the limelight on the back of potential increase in prices in the northern region.
By the end of the session, WorldCall Telecom announced that Elko Broadband had expressed the intention to acquire more than 30% shares, which resulted in high trading volumes in WorldCall Telecom, the report added.
Overall, trading volumes increased to 181.4 million shares compared with Tuesday's tally of 180.7 million. The value of shares traded during the day was Rs5.42 billion.
Shares of 367 companies were traded. At the end of the day, 219 stocks closed higher, 132 declined and 16 remained unchanged.
Maple Leaf Cement was the volume leader with 16.3 million shares, gaining Rs0.84 to close at Rs16.48. It was followed by Unity Foods with 15.97 million shares, gaining Rs0.32 to close at Rs9.50 and WorldCall Telecom with 13.5 million shares, losing Rs0.03 to close at Rs1.13.
Foreign institutional investors were net sellers of Rs190.11 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The market remained on the winning streak for the third consecutive session as it was mostly in control of the bulls. However, the KSE-100 index traded in a narrow band.
According to Aba Ali Habib Research, investors remained cautious ahead of the release of September inflation reading, which was expected to jump to 11.10% against 10.49% in August 2019. The Pakistan Bureau of Statistics (PBS) has announced a new methodology for determining the pace of inflation with a revised base and weightage of commodities.
At close, the benchmark KSE 100-share Index recorded an increase of 109.03 points, or 0.34%, to settle at 32,363.35 points.
JS Global analyst Danish Ladhani said equities closed on a positive note with the benchmark KSE-100 index gaining 109 points and closing at 32,363, up 0.3%. "The bourse remained range bound throughout the session but saw brief positivity in later hours of trade."
Mixed sentiment was seen in financial stocks among which HBL (+4.3%) and UBL (+1.3%) remained in the green zone whereas MCB Bank (-1.1%) and Bank AL Habib (-1.1%) came under pressure.
Once again, the cement sector provided vital support for the bourse where Maple Leaf Cement (+5.4%), DG Khan Cement (+5%), Cherat Cement (+5%) and Pioneer Cement (+5%) closed limit up on market talk that players in the northern region might increase cement prices by Rs15 to Rs20 per bag.
In the fertiliser sector, Engro (-0.1%), Fauji Fertiliser Company (-0.4%) and Engro Fertilisers (-1.1%) were in the red.
Oil and gas sector heavyweights came under pressure as Pakistan Oilfields (-1.2%), Pakistan Petroleum (-0.8%) and Oil and Gas Development Company (-1.1%) fell following a decline in international oil prices.
The daily traded value stood at $35 million, up 8% and volumes stood flat at 181 million shares.
"Moving ahead, we expect the market to remain choppy with selling expected in the oil and gas sector following decline in crude oil prices in the international market. Moreover, investors should wait for the FATF (Financial Action Task Force) meeting," Ladhani added.
Arif Habib Limited, in its report, said that the market traded in a narrow range between +134 points and -74 points. Stocks of refineries and oil marketing companies were unaffected by the decline in global oil prices, it said.
The research house said the cement sector stayed in the limelight on the back of potential increase in prices in the northern region.
By the end of the session, WorldCall Telecom announced that Elko Broadband had expressed the intention to acquire more than 30% shares, which resulted in high trading volumes in WorldCall Telecom, the report added.
Overall, trading volumes increased to 181.4 million shares compared with Tuesday's tally of 180.7 million. The value of shares traded during the day was Rs5.42 billion.
Shares of 367 companies were traded. At the end of the day, 219 stocks closed higher, 132 declined and 16 remained unchanged.
Maple Leaf Cement was the volume leader with 16.3 million shares, gaining Rs0.84 to close at Rs16.48. It was followed by Unity Foods with 15.97 million shares, gaining Rs0.32 to close at Rs9.50 and WorldCall Telecom with 13.5 million shares, losing Rs0.03 to close at Rs1.13.
Foreign institutional investors were net sellers of Rs190.11 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.