Market watch: In a first, index finishes over 49,000
PHOTO: EXPRESS
KARACHI: Contrary to expectations of a muted session, Pakistan equities sealed a final day of a week certain with a benchmark KSE-100 Index settling during a new record high above 49,000, helped by gains in index names.
At tighten on Friday, a Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index available a arise of 0.67% or 324.60 points to finish during 49,038.23 — a tip finish yet.
Elixir Securities, in a report, settled a wider marketplace saw a swell in trade activity, quite after a morning session, witnessing a 32% burst in volumes contra on Thursday.
“Textiles came in a limelight on unconfirmed news of a service package proclamation scheduled for after in a day, while fertilisers carried movement and finished aloft with Fauji Fertilizer (FFC PA +2.4%) progressing a prevalence for a second uninterrupted day,” pronounced researcher Ali Raza.
“Financials edged adult on institutional shopping and sealed mostly in immature with year-end gain and pay-out fad being a expected trigger, while oils also garnered courtesy from a conflict of post-morning event with investors tracking intra-day travel in tellurian crude,” pronounced Raza.
“Pakistan Oilfileds (POL PA +1%), Oil and Gas Development Company (OGDC PA +0.6%), Pakistan State Oil (PSO PA +0.9%) all recovered from their lows to tighten positive, while Pakistan Petroleum (PPL PA -0.2%) finished in red on profit-booking,” he added.
Market watch: Index closes during nonetheless another record high
Meanwhile, JS Global researcher Nabeel Haroon pronounced positivity prevailed notwithstanding a Panama box hearing.
“Textile zone led a gains on a behind of rumours that supervision competence announce a prolonged awaited weave package. NML (+4.93%), NCL (+4.85%) and GATM (+5%) were tip performers of a aforementioned sector,” he commented.
“Fertiliser zone continued to hoard financier seductiveness as a zone gained to tighten (+1.7%) aloft than a prior day close. FFC (+2.40%) and FATIMA (+4.93%) were vital gainers of a aforementioned sector.
“Cement zone continued to sojourn underneath vigour notwithstanding a recover of concrete dispatch numbers by APCMA, that indicated a YoY boost of 3.33% for a month of Dec-16,” pronounced Haroon.
“Moving forward, we suggest investors to stay discreet during stream levels as improvement in a marketplace is prolonged overdue, however any pointy decrease in a marketplace should be taken as an event to buy,” he added.
Index crosses another milestone
Trading volumes rose to 430 million shares compared with Thursday’s total of 329 million.
Shares of 423 companies were traded. At a finish of a day, 264 bonds sealed higher, 140 declined while 19 remained unchanged. The value of shares traded during a day was Rs20.6 billion.
Dost Steels Limited was a volume personality with 51 million shares, gaining Rs0.98 to finish during Rs14.26. It was followed by Aisha Steel Mill with 30.9 million shares, gaining Rs1.00 to tighten during Rs18.71 and Azgard Nine with 29 million shares, gaining Rs0.68 to tighten during Rs9.23.
Foreign institutional investors were net sellers of Rs435 million during a trade session, according to information confirmed by a National Clearing Company of Pakistan Limited.
Article source: http://tribune.com.pk/story/1286595/market-watch-first-index-finishes-49000/