Stocks gain 122 points on foreign buying

Published May 25, 2019
Unlike the past four days, the bulls appeared to have tired out as the Index was volatile. — AFP/File
Unlike the past four days, the bulls appeared to have tired out as the Index was volatile. — AFP/File

KARACHI: The four-session winning streak of the local equity market extended into the last day of the week with the KSE-100 index gaining 122.47 points (0.34 per cent) and close at 35,703.81.

But unlike the past four days, the bulls appeared to have tired out as the Index was volatile and moved between the intra-day high and low by 185 and 145 points. Investors were also overwhelmed by the massive rise of 10pc in the index during the week and some opted to book profit at the current levels instead of carrying positions to the next week.

On the news front, the government announced that budget for the next fiscal year 2019-20 would be presented in the National Assembly on 11th June.

Other than that, many traders thought that the impact of the completion of staff level talks with International Monetary Fund and the turnaround in mutual funds from selling to buy were already priced in. However, investors’ confidence could receive a further boost next week in case the government sponsored market support fund materialises.

Traded volume declined 38pc over the previous day to 142 million shares. Major contribution to the market volume came from Unity Foods Ltd, Maple Leaf Cement Factory (MLCF), and TRG Pakistan, which churned 26.8m shares. Daily traded value decreased to Rs6.1 billion, from Rs7.2bn.

Cement stocks continued to gain for the third straight day, broadly higher on the back of market whispers over a giant leap in cement prices next week.

Cherat Cement was up 2.6pc; Pioneer hit the upper lock; Fauji Cement (FCCL) gained 3.6pc; D. G. Khan Cement closed higher 1.44pc, Lucky Cement (LUCK) rose 3.01pc and MLCF hit its upper circuit.

As the oil prices slipped almost 5pc, the exploration and production shares came under the hammer. Pakistan Petroleum Ltd closed lower 2.38pc while Pakistan Oilfields Ltd plunged 2.86pc and Oil and Gas Development Company declined 2.91pc.

Scrip-wise, the leading gainers were Fauji Fertiliser Company up 4.41pc, LUCK 3.01pc, Dawood Hercules 2.85pc, FCCL 3.60pc, Engro Polymer and Chemicals Ltd 4.98pc, Nestle Pakistan 3.56pc, Engro Foods 4.99pc, United Bank Ltd 1.40pc, National Bank of Pakistan 4.55pc and Bank Al Habib Ltd 1.02pc.

Published in Dawn, May 25th, 2019

Follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Judiciary’s SOS
Updated 28 Mar, 2024

Judiciary’s SOS

The ball is now in CJP Isa’s court, and he will feel pressure to take action.
Data protection
28 Mar, 2024

Data protection

WHAT do we want? Data protection laws. When do we want them? Immediately. Without delay, if we are to prevent ...
Selling humans
28 Mar, 2024

Selling humans

HUMAN traders feed off economic distress; they peddle promises of a better life to the impoverished who, mired in...
New terror wave
Updated 27 Mar, 2024

New terror wave

The time has come for decisive government action against militancy.
Development costs
27 Mar, 2024

Development costs

A HEFTY escalation of 30pc in the cost of ongoing federal development schemes is one of the many decisions where the...
Aitchison controversy
Updated 27 Mar, 2024

Aitchison controversy

It is hoped that higher authorities realise that politics and nepotism have no place in schools.