Market watch: Index recovers as tension eases

Benchmark KSE-100 index gains 119.46 points.

KARACHI: Pakistan equities edged up as regional markets bounced back, though profit-taking on gains capped the intra-day rise.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.35% or 119.46 points to end at 34,065.87 on Tuesday.

According to JS Global analyst Ovais Ahsan, major index movers on Tuesday were Habib Bank Limited (HBL+1.55%) and Pakistan State Oil (PSO+1.15%).



“The rally in Mari Petroleum (+4.64%) continued as investors speculated that the government could allow them to price new discoveries at higher prices under the Petroleum Policy 2012.

“The cement sector also rallied, buoyed by optimism over the China Pakistan Economic Corridor (CPEC) as a government minister quoted in the press saying the western route of CPEC would be completed by December 2016,” said Ahsan.

“Major gainers in the sector were Dera Ghazi Khan Cement (DGKC +1.02%), Lucky Cement Limited (LUCK +0.39%) and Kohat Cement Company Limited (KOHC +2.49%),” he added.

Meanwhile, Topline Securities report stated that the global markets recovered as concern over the terror attack in Paris started to ease out.

“Renewed interest was seen in Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited (SNGP) ahead of the result announcement in their upcoming AGM,” they added.

Trade volumes rose to 190 million shares compared with Monday’s tally of 131 million.

Shares of 386 companies were traded on Tuesday. At the end of the day, 216 stocks closed higher, 148 declined and 22 remained unchanged. The value of shares traded during the day was Rs7.2 billion.

Pace Pakistan Limited was the volume leader with 30.7 million shares, gaining Rs0.20 to finish at Rs8.81. It was followed by TRG Pakistan Limited with 13.6 million shares, gaining Rs0.16 to close at Rs40.79 and Sui Southern Gas Company (SSGC) with 13 million shares, gaining Rs0.22 to close at Rs40.46.



Foreign institutional investors were net sellers of Rs80 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

Published in The Express Tribune, November 18^th, 2015.

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