Market watch: Stocks rebound back, finish week on a certain note
KARACHI: In contrariety to a prior session, a batch marketplace pennyless a two-day losing strain on Friday and entered a immature zone.
Propelled by cement, automobile and oil stocks, a benchmark index – that had strike a new low on Thursday – managed to tighten above 41,000 points.
The KSE-100 index shot adult from a word go to strike an intra-day high of 677 points in usually a initial half hour of trading. Later, it started to descend, though still remained positive.
At close, a benchmark KSE 100-share Index available an boost of 442.37 points or 1.08% to finish during 41,401.02.
Elixir Securities, in a report, settled Pakistan equities sealed final day of a week aloft with a benchmark index settling above 41,400, helped by gains in index names.
Habib Bank (HBL, +5%) was a star performer as it incited around from 7 days of waste and strike a top cost extent in pre-open trade as in an engaging spin of events a New York regulator imposed a final chastisement of $225 million, that was usually a tiny over one-third of a dictated excellent of $630 million.
“Notable index names opposite critical sectors followed HBL’s lead and traded aloft on both institutional and sell buying,” settled Elixir.
Market watch: KSE-100 hits 11-month low, falls subsequent 41,000
Despite bullish sentiments in a wider market, a altogether activity remained prosaic compared to a prior day as usually 78 million shares altered hands on a KSE-100 index with many volumes available in tiny and mid-cap plays.
“(We) design a marketplace to in. upwards and revisit a critical insurgency during 42,000 early subsequent week while institutional flows essentially from unfamiliar investors will be critical in pushing gains in a days ahead,” a news added.
JS Global researcher Maaz Mulla pronounced a marketplace remained certain via a day, attack an intra-day high of 677 points to tighten during 41,401.
“Bullish movement returned as HBL (+5%) non-stop during a top circuit on a behind of a outrageous decrease in a final chastisement (on a New York branch), where a bank has concluded to compensate $225 million instead of a intensity volume of adult to $630 million deliberate earlier,” Mulla said.
Refinery bonds outshined a marketplace as Attock Refinery (+4.68%), National Refinery (+3.95%), Pakistan Refinery (+4.51%) and Byco (+2.57%) gained comparatively some-more than a benchmark index.
Oil selling companies also contributed definitely to a KSE-100 index where Pakistan State Oil (+2.52%) and Shell (+2.68%) were a critical gainers.
Market watch: Stock prices thrust as bears continue to dominate
Cement companies showed bullish movement with Lucky Cement (+3.68%), DG Khan Cement (+2.36%), Fauji Cement (+0.37%) and Cherat Cement (+2.16%) cumulatively contributing 80 points to a index.
“Moving forward, we design positivity to continue in a entrance week and suggest investors to book increase on strength,” a researcher said.
Overall, trade volumes fell somewhat to 140 million shares compared with Thursday’s total of 147 million.
Shares of 388 companies were traded. At a finish of a day, 263 bonds sealed higher, 103 declined while 22 remained unchanged. The value of shares traded during a day was Rs8.4 billion.
TRG Pakistan was a volume personality with 18.3 million shares, gaining Rs1.23 to tighten during Rs39.80. It was followed by The Bank of Punjab with 14 million shares, gaining Rs0.72 to tighten during Rs10.18 and Azgard Nine with 13.2 million shares, gaining Rs0.93 to tighten during Rs14.49.
Foreign institutional investors were net sellers of Rs664 million during a trade session, according to information gathered by a National Clearing Company of Pakistan Limited.
Article source: https://tribune.com.pk/story/1501285/market-watch-stocks-bounce-back-end-week-positive-note/