Market watch: Stocks close bullish led by Cements and Fertilisers

Benchmark KSE-100 index gains 219.42 points

KARACHI: Pakistan equities surged, carrying on with Thursday’s momentum as benchmark KSE 100 index closed the week near 33k on improved turnover.

At close on Friday, the Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.67% or 219.42 points to end at 32,969.73.



According to Elixir Securities analyst, stock opened sideways in early hours mirroring mixed performance of the region, but later on activity improved in the wider market as participants gained confidence on lower inflation reading announced on Thursday and news of an all-time high level of country’s Foreign Exchange reserves.

“Reports of institutional flows further averted any jitters and kept retail investor’s interest alive in the market,” he said.

“Cements and fertilisers remained in limelight, while oils saw profit booking on latest dip in global Crude.”

“We see support near current levels, however, investors will remain cautiously optimistic and track stability in regional markets and monitor foreign flows before any aggressive buying,” he added.

Meanwhile JS Global analyst Saeed Ahmad Khan was of the view that cherry picking continued in the cement sector where Fauji Cement Company Limited (FCCL +2.25%) and Cherat Cement Company Limtied (CHCC +2.03%) were the top gainers of the day.

“On the back of cheap valuations interest was seen in the Exploration and Production (E&P) sector where Byco Petroleum (+1.63%) was amongst the volume leaders on Friday, trading close to 13 million shares, while top performing script of the sector were HASCOL (+3.66%) and National Refinery Limited (+3.43%).”

“Investors are suggested to gain position in the aforementioned favoured sectors,” noted Khan.

Trade volumes rose to 211 million shares compared with Thursday’s tally of 180 million shares.



Shares of 364 companies were traded on Friday. At the end of the day, 203 stocks closed higher, 137 declined while 24 remained unchanged. The value of shares traded during the day was Rs10 billion.

K-Electric was the volume leader with 27 million shares, gaining Rs0.07 to finish at Rs7.23. It was followed by TRG Pakistan Limited with 22.5 million shares, gaining Rs1.46 to close at Rs35.44 and Byco Petroleum with 13 million shares, gaining Rs0.42 to close at Rs26.18.

Foreign institutional investors were net buyers of Rs110 million during the trade session, according to data maintained by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, October 3^rd, 2015.

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