Market watch: KSE-100 extends rally, hits 17-month high
Benchmark index increases 683.98 points to settle at 43,207.05
Benchmark index increases 683.98 points to settle at 43,207.05. PHOTO: AFP
KARACHI:
The stock market extended its rally on Friday as the benchmark KSE-100 index rose 684 points and touched a 17-month high.
The rally came in line with expectations as analysts had anticipated that the index would resume its advance following de-escalation of tensions between Iran and the US. Washington expressed its intention to enter into serious negotiations with Tehran in a bid to bring an end to the looming tensions.
Earlier, stock trading in the first session kicked off positively and the KSE-100 index jumped in early hours and breached the 43,000-point mark. The first session ended with a gain of 632 points.
The second session also began on an optimistic note, however, the index inched down but bullish sentiment lifted it up again. The index extended gains of the first session.
At close, the benchmark KSE 100-share Index recorded an increase of 683.98 points, or 1.61%, to settle at 43,207.05.
JS Global analyst Maaz Mulla said equities closed the week on a positive note with the benchmark KSE-100 index gaining 684 points and closing at 43,207.
"Positivity in Friday's session came partly on the news that United States Ambassador to the United Nations Kelly Craft said Washington was now ready to engage without preconditions in serious negotiations with Iran," he said.
Major movers of the day were Pakistan Petroleum (+5%), Hubco (+4.6%), Oil and Gas Development Company (+3.8%), Engro (+1.6%), MCB Bank (+1.6%), Bank Alfalah (+3.8%) and UBL (+1.2%).
Pakistan Petroleum (+5%) from the exploration and production sector touched its upper circuit on the back of talk of a potential new hydrocarbon discovery in Balochistan.
Traded value stood at $100 million, up 12% and volumes came in at 400 million shares, up 10%. Major contribution to the total market volume came from The Bank of Punjab (+6%), TRG Pakistan (-0.9%), Unity Foods (-1.1%) and K-Electric (-2.3%).
"Moving ahead, we expect the market to remain positive as the overall bullish momentum continues to remain intact," the analyst added.
A report of Arif Habib Limited stated that the market continued its upward momentum and crossed 43,000 points after 17 months.
"Buying activity was noted almost across the board, however, blue-chip stocks that were recently ascending and kept the market elevated took a breather," it said.
Lucky Cement, Pakistan Oilfields, Dawood Hercules and PSO remained on the negative side.
The banking sector led the volumes with trading in 90.1 million shares, followed by the technology sector (49.4 million) and cement firms (28.4 million), the report added.
Overall, trading volumes rose to 400.1 million shares compared with Thursday's tally of 362.5 million. The value of shares traded during the day was Rs15.5 billion.
Shares of 369 companies were traded. At the end of the day, 235 stocks closed higher, 116 declined and 18 remained unchanged.
The Bank of Punjab was the volume leader with 52.5 million shares, gaining Rs0.76 to close at Rs13.33. It was followed by TRG Pakistan with 25.8 million shares, losing Rs0.26 to close at Rs27.65 and Unity Foods with 20 million shares, losing Rs0.17 to close at Rs15.97.
Foreign institutional investors were net sellers of Rs138.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.
The stock market extended its rally on Friday as the benchmark KSE-100 index rose 684 points and touched a 17-month high.
The rally came in line with expectations as analysts had anticipated that the index would resume its advance following de-escalation of tensions between Iran and the US. Washington expressed its intention to enter into serious negotiations with Tehran in a bid to bring an end to the looming tensions.
Earlier, stock trading in the first session kicked off positively and the KSE-100 index jumped in early hours and breached the 43,000-point mark. The first session ended with a gain of 632 points.
The second session also began on an optimistic note, however, the index inched down but bullish sentiment lifted it up again. The index extended gains of the first session.
At close, the benchmark KSE 100-share Index recorded an increase of 683.98 points, or 1.61%, to settle at 43,207.05.
JS Global analyst Maaz Mulla said equities closed the week on a positive note with the benchmark KSE-100 index gaining 684 points and closing at 43,207.
"Positivity in Friday's session came partly on the news that United States Ambassador to the United Nations Kelly Craft said Washington was now ready to engage without preconditions in serious negotiations with Iran," he said.
Major movers of the day were Pakistan Petroleum (+5%), Hubco (+4.6%), Oil and Gas Development Company (+3.8%), Engro (+1.6%), MCB Bank (+1.6%), Bank Alfalah (+3.8%) and UBL (+1.2%).
Pakistan Petroleum (+5%) from the exploration and production sector touched its upper circuit on the back of talk of a potential new hydrocarbon discovery in Balochistan.
Traded value stood at $100 million, up 12% and volumes came in at 400 million shares, up 10%. Major contribution to the total market volume came from The Bank of Punjab (+6%), TRG Pakistan (-0.9%), Unity Foods (-1.1%) and K-Electric (-2.3%).
"Moving ahead, we expect the market to remain positive as the overall bullish momentum continues to remain intact," the analyst added.
A report of Arif Habib Limited stated that the market continued its upward momentum and crossed 43,000 points after 17 months.
"Buying activity was noted almost across the board, however, blue-chip stocks that were recently ascending and kept the market elevated took a breather," it said.
Lucky Cement, Pakistan Oilfields, Dawood Hercules and PSO remained on the negative side.
The banking sector led the volumes with trading in 90.1 million shares, followed by the technology sector (49.4 million) and cement firms (28.4 million), the report added.
Overall, trading volumes rose to 400.1 million shares compared with Thursday's tally of 362.5 million. The value of shares traded during the day was Rs15.5 billion.
Shares of 369 companies were traded. At the end of the day, 235 stocks closed higher, 116 declined and 18 remained unchanged.
The Bank of Punjab was the volume leader with 52.5 million shares, gaining Rs0.76 to close at Rs13.33. It was followed by TRG Pakistan with 25.8 million shares, losing Rs0.26 to close at Rs27.65 and Unity Foods with 20 million shares, losing Rs0.17 to close at Rs15.97.
Foreign institutional investors were net sellers of Rs138.1 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan.