Market watch: KSE-100 gains 178 points in range-bound trading
Benchmark index increases 0.44% to settle at 40,832.99
Benchmark index increases 0.44% to settle at 40,832.99. PHOTO: AFP
KARACHI:
In a turnaround, the stock market rose 178 points in range-bound trading on Friday as rising international crude oil prices kept investor interest alive.
A detailed verdict in former president Pervez Musharraf's treason case, however, prevented the market from making hefty gains.
Trading in the first session began on a bullish note, however, selling pressure emerged shortly afterwards and the index traded within a narrow range. It ended the session with a loss of 127 points.
The oscillation in the index continued in the second session as well but a buying spree in the final hour supported the recovery in the index.
At close, the benchmark KSE 100-share Index recorded an increase of 177.62 points, or 0.44%, to settle at 40,832.99.
A report of Arif Habib Limited stated that the market traded in a range of +399 points and -161 points during the two sessions of Friday and closed up 178 points.
"Selling pressure was evident throughout the day but the oil chain, especially the exploration and production stocks, staged a good recovery by the end of the day," it added. "Higher international oil prices kept investors' interest alive."
However, the detailed decision in former president Pervez Musharraf's case, which emerged on Thursday, inflicted more pain on the investors, which saw banking and cement-sector stocks come under selling pressure.
Oil and gas marketing companies topped the volumes chart with trading in 32.8 million shares, followed by cement companies (18.4 million) and food producers (16 million).
Among individual stocks, Hascol (R) maintained the top position with 18.6 million shares changing hands, followed by Fauji Foods (14.2 million) and Unity Foods (8.7 million), the report stated.
JS Global analyst Danish Ladhani said equities closed the week on a positive note with the benchmark KSE-100 index gaining 178 points and closing at 40,833.
"The market remained range bound through most of the trading session after a hectic sell-off," he said. "On the positive side, the IMF has approved the next loan tranche of Pakistan programme and has appreciated the recent steps taken by the government."
Pakistan Petroleum (+3.1%), Oil and Gas Development Company (+2.1%), Fauji Foods (+1.1%), Engro (+0.6%), Dawood Hercules (+2.2%), Mari Petroleum (+1.7%) and Lucky Cement (+0.7%) cumulatively contributed to the positive close of the index.
Traded value stood low at $55 million, down 25% and volumes came in at 181 million shares, down 31%.
"We recommend any major dips in the market should be taken as an opportunity to accumulate value stocks," the analyst added.
Overall, trading volumes dropped to 180.7 million shares compared with Thursday's tally of 260.1 million. The value of shares traded during the day was Rs8.5 billion.
Shares of 344 companies were traded. At the end of the day, 156 stocks closed higher, 176 declined and 12 remained unchanged.
Hascol (R) was the volume leader with 18.6 million shares, losing Rs0.63 to close at Rs10.54. It was followed by Fauji Foods with 14.2 million shares, losing Rs0.5 to close at Rs14.79 and Unity Foods with 8.7 million shares, gaining Rs0.09 to close at Rs14.79.
Foreign institutional investors were net sellers of Rs103.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
In a turnaround, the stock market rose 178 points in range-bound trading on Friday as rising international crude oil prices kept investor interest alive.
A detailed verdict in former president Pervez Musharraf's treason case, however, prevented the market from making hefty gains.
Trading in the first session began on a bullish note, however, selling pressure emerged shortly afterwards and the index traded within a narrow range. It ended the session with a loss of 127 points.
The oscillation in the index continued in the second session as well but a buying spree in the final hour supported the recovery in the index.
At close, the benchmark KSE 100-share Index recorded an increase of 177.62 points, or 0.44%, to settle at 40,832.99.
A report of Arif Habib Limited stated that the market traded in a range of +399 points and -161 points during the two sessions of Friday and closed up 178 points.
"Selling pressure was evident throughout the day but the oil chain, especially the exploration and production stocks, staged a good recovery by the end of the day," it added. "Higher international oil prices kept investors' interest alive."
However, the detailed decision in former president Pervez Musharraf's case, which emerged on Thursday, inflicted more pain on the investors, which saw banking and cement-sector stocks come under selling pressure.
Oil and gas marketing companies topped the volumes chart with trading in 32.8 million shares, followed by cement companies (18.4 million) and food producers (16 million).
Among individual stocks, Hascol (R) maintained the top position with 18.6 million shares changing hands, followed by Fauji Foods (14.2 million) and Unity Foods (8.7 million), the report stated.
JS Global analyst Danish Ladhani said equities closed the week on a positive note with the benchmark KSE-100 index gaining 178 points and closing at 40,833.
"The market remained range bound through most of the trading session after a hectic sell-off," he said. "On the positive side, the IMF has approved the next loan tranche of Pakistan programme and has appreciated the recent steps taken by the government."
Pakistan Petroleum (+3.1%), Oil and Gas Development Company (+2.1%), Fauji Foods (+1.1%), Engro (+0.6%), Dawood Hercules (+2.2%), Mari Petroleum (+1.7%) and Lucky Cement (+0.7%) cumulatively contributed to the positive close of the index.
Traded value stood low at $55 million, down 25% and volumes came in at 181 million shares, down 31%.
"We recommend any major dips in the market should be taken as an opportunity to accumulate value stocks," the analyst added.
Overall, trading volumes dropped to 180.7 million shares compared with Thursday's tally of 260.1 million. The value of shares traded during the day was Rs8.5 billion.
Shares of 344 companies were traded. At the end of the day, 156 stocks closed higher, 176 declined and 12 remained unchanged.
Hascol (R) was the volume leader with 18.6 million shares, losing Rs0.63 to close at Rs10.54. It was followed by Fauji Foods with 14.2 million shares, losing Rs0.5 to close at Rs14.79 and Unity Foods with 8.7 million shares, gaining Rs0.09 to close at Rs14.79.
Foreign institutional investors were net sellers of Rs103.7 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.