KARACHI: Investors “celebrated” the downgrade of the Pakistan Stock Exchange from MSCI’s emerging market to frontier market, which kept the benchmark index in the green zone on Monday.

According to Arif Habib Ltd, the index opened with a bullish momentum as traders took aggressive bets on cement, steel and technology stocks. High inflation numbers led to the stock accumulation in the banking sector later on. A sharp upside was witnessed in the last trading hour as short-sellers jumped in to square off their trading positions, it added.

As a result, the KSE-100 index added 296.76 points or 0.66 per cent to close at 45,369.14 points.

Market participation decreased 41.4pc to 241.1m shares while the value of traded shares declined 73.5pc to $52.6m.

Sectors contributing the highest number of points to the benchmark index included cement (113.25 points), commercial banking (85.01 points), fertiliser (31.96 points), oil and gas exploration (20.06 points) and power generation and distribution (15.63 points).

Stocks that contributed significantly to the traded volume included Fauji Foods Ltd (38.34m shares), Fauji Foods-R (37.06m shares), TPL Properties Ltd (14.85m shares), Maple Leaf Cement Factory Ltd (10.69m shares) and TRG Pakistan Ltd (9.01m shares).

Stocks that contributed positively to the index included Lucky Cement Ltd (44.36 points), United Bank Ltd (31.28 points), Habib Bank Ltd (23.42 points), Cherat Cement Company Ltd (19.15 points) and D.G. Khan Cement Company Ltd (17.81 points).

Shares that contributed negatively included Systems Ltd (20.88 points), Oil and Gas Development Company Ltd (17.17 points), Nishat Mills Ltd (7.01 points), Packages Ltd (5.97 points) and Sui Northern Gas Pipelines Ltd (5.59 points).

Stocks recording the biggest increases in percentage terms included Pioneer Cement Ltd, which went up 5.57pc, followed by Cherat Cement Company Ltd (4.61pc), D.G. Khan Cement Company Ltd (4.17pc), Yousaf Weaving Mills Ltd (4.09pc) and Pakistan International Bulk Terminal Ltd (3pc).

Foreign investors remained net sellers as they offloaded shares worth $1.53m on a net basis.

Published in Dawn, December 2nd, 2021

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

Opinion

Editorial

Noon leaks
Updated 27 Sep, 2022

Noon leaks

PMO audio leaks are a national security emergency that ought to be investigated at the highest level.
Cipher probe offer
27 Sep, 2022

Cipher probe offer

CONSIDERING the toxic political polarisation in the country, former prime minister Imran Khan’s suggestion that ...
Delaying Doha plans
27 Sep, 2022

Delaying Doha plans

WHEN Doha announced its intention to spend $3bn in different commercial and investment sectors of Pakistan around a...
Debt deferment
Updated 26 Sep, 2022

Debt deferment

Pakistan’s dollar funding needs for next 5 years have never been so large and world’s appetite to hold its hands never so poor.
Dengue concerns
26 Sep, 2022

Dengue concerns

AS weather conditions change in Pakistan, the threat of dengue looms large over the land. According to a warning...
Relic of colonialism
26 Sep, 2022

Relic of colonialism

THE law on sedition, one of several holdovers of colonial times, is among the most handy instruments for controlling...