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PSX commences week on cautious note, benchmark index adds 186 points

Updated July 17, 2017

The Pakistan Stock Exchange (PSX) commenced the trading week on a cautiously positive note, with the benchmark KSE-100 Index advancing 186 points, or 0.42 per cent, to touch 44,523 on Monday.

The market touched the day's low at 43,975.12 points in the initial 20 minutes of the trading session. However, it rebounded immediately after to remain range-bound activity throughout the day. The benchmark tested the day's high at 44,630 points near the end of the session.

A report issued by JS Global noted that overall volumes were extremely tight during the session, clocking in at 75 million shares — the lowest this year.

Likewise, only 34m shares of KSE-100 companies changed hands during the session, with a total worth of nearly Rs3.1 billion.

JS Global added that the cement sector stocks saw some upside potentially due to news of government initiatives in increasing access to affordable housing finance in the country.

The engineering sector led activity at the bourse, with 9.2 million shares traded; it was followed by the banking and the power sectors with 7.7m and 7.5m shares, respectively.

"Stocks closed higher amid thin trade led by oil and banking scrips on strong valuations," said analyst Ahsan Mehanti.

He was of the view that investors' speculation over the outcome of the ruling Sharif family's response to the Supreme Court on the joint investigation team's probe, surging global crude prices and foreign inflows played a role in the higher close.

Stocks of 356 companies in all were traded on the exchange, of which 174 gained in value, whereas 165 declined and 17 remained unchanged.

Volumes were led by:

K-Electric Ltd: 5.7m shares traded [-0.30pc];

Engro Polymer: 4.6m shares traded [-1.31pc];

Dewan Motors: 4.3m shares traded [-4.85pc];

TRG Pak Ltd: 3.5m shares traded [-0.17pc];

B.O.Punjab: 8.2m shares traded [-3.01pc].