KARACHI: Regardless of the shortened three-session week due to Muharram holidays, the stocks continued to forge ahead on Monday with the benchmark KSE-100 index rising by 203.5 points, or 0.49pc per cent to close at new all-time high of 41,404.
The volume of shares traded fell to 363 million from 464m during the previous session (Friday) due to low investor participation. Traded value of equities decreased to Rs12 billion from Rs14.3bn.
As second- and third-tier stocks dominated the volume list, as many as 42 scrips hit their upper circuits. The market capitalisation-based KSE-30 index closed almost flat at 22,662 points.
Banks, textiles and oil marketing companies grabbed the spotlight on speculation over the upcoming quarterly results. Ahsan Mehanti, analyst at Arif Habib Corporation Ltd, said Moody’s stable outlook on Pakistani banks and speculation on positive impact of China-Pakistan Economic Corridor projects on the banking, steel and cement kept investor interest alive in those sectors.
Analyst Nabeel Haroon at JS Global said investor interest was seen in the textile sector on the back of news that the federal government was expected to announce an incentive package for exporters. Nishat Mills Ltd rose 3.86pc and Nishat (Chunian) Ltd 4.39pc to become top performers of the sector.
Sui Northern Gas Pipelines Ltd gained 4.56pc as the Oil and Gas Regulatory Authority approved increase in gas tariff.
Among energy players, oil marketing companies and refineries had a field day with Hascol Petroleum going up by 5pc, Pakistan State Oil 1.06pc, Shell Pakistan 5pc, Attock Refinery 2.04pc and National Refinery 0.85pc, analysts at Intermarket Securities said.
Mughal Iron and Steel rising by 1.17pc, Amreli Steels 0.90pc, Aisha Steel Mills 1.57pc and Crescent Steel and Allied Products by 5pc.
Published in Dawn October 11th, 2016
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