KARACHI: Pakistan’s equity markets reversed the bearish trend on Tuesday after index went on to close the session in green. Bulls managed to stage a comeback with cement sector in limelight after Prime Minister Khan constituted a committee under the head of Federal Secretary Housing and Works to prepare a feasibility report on the construction of five million housing units.
The index gained 171.93 points (0.41 per cent) after closing five consecutive sessions in red to close at 41,753.89. Overall, investors continued to remain on sidelines amidst dearth of positive triggers in the market.
The volume declined from 159 million shares yesterday to 126m shares, down 21pc. K-Electric led the volume with 23.61m shares traded, after government ensured of fastening the proposed sale of utility company to Shanghai Power. Agritech trailed the list with 12.34m, Maple Leaf Cement 6.58m, Nimir Resins 6.38m and Lotte Chemical 3.55, accounting for 41.6pc of the total turnover.
Led by cement sector with 58.24 points, oil and gas exploration companies 40.28 points, commercial banks 31.25 points and power generation stocks 24.75 followed closely behind cement scrips, adding 154.52 points to the total gain.
Individual stocks closing positive were led by Indus Motors, up 2.84pc, Honda Atlas Cars 4.93pc, Pak Suzuki Motor Company 3.32pc and Lucky Cement 1.12pc. On the flipside, closing the session in red, Phillip Morris went down 2.08pc, Pakistan Services 3.82pc, Millat Tractors 1.96pc and with National Foods 3.67pc.
Market remains susceptible to foreign selling who offloaded 0.78m from the market, with net local investments clocking in at 0.78m. Going forward, the tide for cement sector could turn negative as government mulls to impose higher gas and electricity tariffs.
Published in Dawn, September 5th, 2018