KARACHI: Bulls were visibly tired on Tuesday after three sessions of relentless run, which saw the KSE-100 index surge by an incredible 5 per cent.
The index, which made an all-time high on Monday, further added 137 points or 0.3pc during the trading session to close at 51,073.14. The index made intraday gains of 553 points, but retreated on extensive profit-taking.
Volumes were up 14pc from the preceding day to 370 million shares while the traded value rose 6pc to Rs22.1 billion.
Volumes were concentrated in second-tier scrips, including TRG, K-Electric and Engro Polymer and Chemicals.
Banking stocks, which were major gainers on Monday, saw mixed performance, with United Bank closing down 1.75pc and Bank Alfalah 2.5pc. Habib Bank edged higher by 0.06pc.
Gainers in the banking sector included MCB Bank, which went up 2.28pc, Bank Al Habib 2.17pc, National Bank 3.14pc and Faysal Bank 1.79pc. The sector contributed 43 points to the index gains.
The oil and gas sector also witnessed a mixed session, with Oil and Gas Development Company losing 0.69pc, Pakistan State Oil 0.57pc, Hascol Petroleum 1.62pc and Attock Refinery 0.51pc. Pakistan Oilfields added 1.12pc, National Refinery 3.6pc and Pakistan Refinery 4.99pc.
Dewan Cement hit the upper circuit and Lucky Cement gained 2pc in the cement sector. Maple Leaf lost 1.09pc and DG Khan shed 0.55.
“As key MSCI-EM names’ valuations start to stretch, especially banks, investors would likely focus on small-cap stocks from the MSCI Pakistan Index. Going forward, we expect the market to face resistance at today’s high on its upward journey,” said analyst Adnan Sami Sheikh of Topline Securities.
Published in Dawn, May 10th, 2017
