Market watch: KSE-100 treks higher, closes during 51,750.91

PHOTO: FILE

KARACHI: As a MSCI reclassification date comes closer, investors continued to showcase their fad with Friday’s event being no different.

Driven by index-names, a KSE-100 Index continued to finish during record high levels, putting days of domestic doubt behind it.

At close, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index available an boost of 324.90 points, or 0.63%, to finish during 51,750.91.

Market watch: Driven by oil and concrete stocks, index settles during new high

Elixir Securities researcher Ali Raza pronounced a Pakistan equities sealed a week aloft helped by gains in index names that pushed benchmark KSE-100 Index over new record turn of 51,700.

“Stocks primarily struggled for instruction though afterwards got on a trail of solid uptrend as institutional shopping in pivotal blue chips opposite oils, financials, cements and energy zone resulted in index holding onto gains compartment a finish of a trade session,” pronounced Raza.

“Major grant to Index came from Engro Corp (ENGRO, +1.8%), followed by MCB Bank (MCB, 2%), Oil Gas Development (OGDC, +1.4%), Pakistan State Oil (PSO,+2.5%) and Hub Power (HUBC ,+1.3%).”

Major hole came from index complicated Habib Bank HBL, -0.4% and Searle Company (SEARL,-1.2%), pronounced Raza.

Highlight was Crescent Steel (CSAP,+5%) that strike a top cost extent after a association told investors of being awarded a agreement from Sui Northern Gas Co (SNGP,+0.6%) value $40 million.

JS Global researcher Arhum Ghous pronounced a internal bourse remained mostly in a ‘green zone’ during a final trade day of a week.

OGDC and Pakistan Petroleum (+1.06%), in a scrutiny and prolongation sector, extended their prior day gains as wanton oil prices surged to trade around $47.73/bbl turn shutting in a immature trajectory, pronounced Ghous.

Market watch: KSE-100 index rises slightly, crosses 51,100 barrier

“Investor seductiveness was seen in a steel zone as it tighten (+2.0%) higher, where International Industries Limited (INIL, +4.79%) gained to tighten on a particular top circuit.”

Optimism in INIL was especially due to element information expelled that a agreement has been awarded by SNGP for supply of API line pipes valued during approximately Rs2, 670 million, pronounced Ghous.

Market watch: Banking zone takes a strike as KSE-100 plunges

Overall, trade volumes fell to 346 million shares compared with Thursday’s total of 397 million.

Shares of 389 companies were traded. At a finish of a day, 197 bonds sealed aloft and 169 declined while 23 remained unchanged. The value of shares traded during a day was Rs18.7 billion.

Summit Bank was a volume personality with 34.5 million shares, gaining Rs0.78 to tighten during Rs7.08. It was followed by K-Electric with 22.2 million shares, gaining Rs0.26 to tighten during Rs8.05 and Byco Petroleum with 19.3 million shares, losing Rs0.96 to tighten during Rs22.02.

Foreign institutional investors were net sellers of Rs217 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.

Article source: https://tribune.com.pk/story/1408328/market-watch-kse-100-treks-higher-closes-51750-91/