Benchmark
KSE-100 index
rises 44.56 points.
With political uncertainty subsiding, investors were eager to take positions. However, resistance meant the index dipped and closed minutely in the positive.
At close, the KSE 100 index rose 0.12% or 44.56 points to end at 35,937.33.
JS Global analyst Arhum Ghous said the market witnessed a volatile session. “Bearish sentiments were witnessed in the cement sector after Attock Cement Pakistan Limited(ACPL) announced installing a new production line of 3,300 tons per day,” said Ghous.
“The company is planning to implement a clinker capacity at the existing plant site with an estimated capital outlay of $120 million.
“Maple Leaf Cement Factory (MLCF), Kohat Cement Company and Fecto Cement Limited closed down by 1.7%, 1.8% and 1.7%, respectively,” said Ghous.
“In the oil sector, Pakistan Oilfields Limited closed up 0.6% after the company announced FY15 earnings of Rs35.76 per share and a cash dividend of Rs25 per share, while Attock Refinery Limited closed down by 4% after the company announced earnings of Rs21.27 per share.”
Ghous said Sui Northern Gas Pipeline (+5%) and Sui Southern Gas Company (+2.9%) continued euphoric growth due to anticipation of a gas tariff hike.
Meanwhile, an analyst at Topline Securities said the market regained its momentum to close up 0.12%.
“Announcement of plant expansion by ACPL resulted in the decline of other cement stocks like DG Khan Cement ,Fauji Cement Company Limited and MLCF.”
Trade volumes rose to 380 million shares compared with Wednesday’s tally of 359 million shares.
Shares of 403 companies were traded on Thursday. At the end of the day, 210 stocks closed higher, 173 declined while 20 remained unchanged. The value of shares traded during the day was Rs11 billion.
Silk Bank (R) was the volume leader with 54.1 million shares losing Rs0.03 to finish at Rs0.11. It was followed by K-Electric with 47 million shares, gaining Rs0.35 to close at Rs8.42 and TRG Pakistan with 21 million shares, gaining Rs1.99 to close at Rs41.96.
Foreign institutional investors were net buyers of Rs132 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, August 14th, 2015.
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