Market watch: Breaking another record, index settles over 44,000
KARACHI: The benchmark-100 index crossed a 44,000-point turn for a initial time in history, covering new belligerent as it finished another event in a positive.
Major upside came from a concrete zone following APCMA’s proclamation of a zone achieving ability utilization of 99% and boost in concrete sales of 11% during November.
At close, a Pakistan Stock Exchange’s benchmark KSE 100-share Index available a arise of 1.05% or 459.43 points to finish during 44,199.40.
Elixir Securities researcher Faisal Bilwani pronounced bonds non-stop marginally certain while a wider marketplace gradually inched adult as flows suggested no vital unfamiliar offered and rumours of assertive internal shopping did a rounds.
“As justice conference on PM’s family box once again finished but any critical development, volumes peaked with concrete zone heading gains on fad over approaching record sales for a effusive month,” pronounced Bilwani.
“Lucky Cements (LUCK, +1%), sealed during a new record high nearby Rs750/sh while DG Khan Cement (DGKC) Maple Leaf Cement (MLCF) and Fauji Cement (FCCL) were among over 10 listed bonds that gained 5% on a day.”
Bilwani combined that Engro Foods (EFOODS,+5%) strike a top cost extent as final date to offer shares as partial of open proposal offer upheld and seductiveness sale and handover to FrieslandCampina comes closer to completion.
“Meanwhile, oils saw renewed seductiveness mid-day as institutions cherry picked value plays on confidence over tellurian wanton with Oil Gas Dev Co (OGDC,+1.3%) trade many volumes in over 6 months.”
Financials saw singular seductiveness as concentration slanted to industrials while K-Electric led volumes on KSE100 index and sealed aloft on immature light by regulator on new merger of a association by Shanghai Electric, pronounced Bilwani.
JS Global researcher Nabeel Haroon pronounced certain movement continued in a marketplace as a index gained around 459 points to tighten during record turn of 44,199.
“Cement zone led a gains on a behind of clever concrete dispatch numbers expelled by APCMA that indicated 11% YoY expansion in Nov-2016.”
Trading volumes rose to 372 million shares compared with Monday’s total of 345 million.
Shares of 431 companies were traded. At a finish of a day, 231 bonds sealed higher, 186 declined while 14 remained unchanged. The value of shares traded during a day was Rs19.7 billion.
K-Electric was a volume personality with 22.8 million shares, gaining Rs0.18 to finish during Rs9.41. It was followed by Fauji Cement with 17.3 million shares, gaining Rs1.95 to tighten during Rs41.10 and Faysal Bank with 16.7 million shares, gaining Rs0.73 to tighten during Rs20.80.
Foreign institutional investors were net sellers of Rs1.38 billion during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Published in The Express Tribune, Dec 7th, 2016.
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Article source: http://tribune.com.pk/story/1255638/market-watch-breaking-another-record-index-settles-44000/