Benchmark index gains 0.51% to settle at 34,377.61. PHOTO: AFP
Bullish sentiment was led by an increase in foreign exchange reserves and falling bond yields, indicating economic stability, stated Arif Habib Corp in its report.
Earlier, trading began with an upward march, however, the rise proved to be short-lived and the index dipped within first hour. Later, strong investor sentiment provided support for the market that recovered steadily and closed with a rise of 224 points in the first session.
The second session saw some of the gains wipe off as investors resorted to profit-booking.
At close, the benchmark KSE 100-share Index recorded an increase of 173.93 points, or 0.51%, to settle at 34,377.61.
JS Global analyst Maaz Mulla said a range-bound session was witnessed at the bourse as the KSE-100 index traded between an intra-day high of +286 points and intra-day low of -96 points to close at 34,378.
Trading volumes stood at 157 million shares versus 184 million shares traded on Thursday. Top volume leaders were Fauji Cement (+1.3%), Maple Leaf Cement (+5.7%) and Siddiqsons Tin Plate (+2%), which cumulatively contributed 33 million shares to the total volume.
Sector-wise, cement stocks led the gains among which Maple Leaf Cement (+5.7%), Kohat Cement (+5%), Pioneer Cement (+5%), Cherat Cement (+5%), DG Khan Cement (+4.8%) and Lucky Cement (+3.1%) were the major movers.
The banking sector also enjoyed the upward trend where UBL (+1%), MCB (+1.1%) and HBL (+0.8%) remained higher than the previous day.
In the exploration and production sector, Pakistan Petroleum (-0.9%), Oil and Gas Development Company (-0.9%) and Pakistan Oilfields (-0.6%) closed in the red as crude oil prices edged lower in the international market.
"Moving ahead, we expect the market to remain choppy due to developments on the political front and recommend investors to accumulate stocks on dips," the analyst added.
Arif Habib Limited in its report stated that the market largely traded positive. Although the benchmark index recorded a decline of 96 points, it closed up by 230 points (unadjusted).
"The second session proved dramatic when footages of protesters in the Azadi march were shown on TV screens that reflected negatively on the market," it said. The index, however, recovered by the market's close with heavy buying activity.
Exploration and production, automobile and fertiliser sectors largely took a bearish stance whereas cement, oil marketing companies and large-cap blue chips performed well.
Sector-wise, the activity showed that the cement sector led the table with trading in 46.2 million shares (contributed by Fauji Cement, Maple Leaf Cement, Pioneer Cement and DG Khan Cement among top volume leaders). It was followed by the technology sector (11.7 million) and banks (11 million), said the report.
Overall, trading volumes decreased to 157.1 million shares compared with Thursday's tally of 184 million. The value of shares traded during the day was Rs6.5 billion.
Shares of 349 companies were traded. At the end of the day, 170 stocks closed higher, 142 declined and 37 remained unchanged.
Fauji Cement was the volume leader with 12.9 million shares, gaining Rs0.2 to close at Rs15.74. It was followed by Maple Leaf Cement XD XR with 10.8 million shares, gaining Rs0.93 to close at Rs17.15 and Siddiqsons Tin Plate with 9.1 million shares, gaining Rs0.23 to close at Rs11.73.
Foreign institutional investors were net sellers of Rs30.2 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
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