Stocks get their mojo back; volume at 13-month high
KARACHI: The stocks remained in the black on Friday, closing its last trading session before Eidul Azha with a rally of 203 points, or 0.51 per cent, to close at a new all-time high of 40,340.
The buying was broad-based as 28 stocks closed at their respective upper circuits. The volume of trade stood at 638 million shares, the highest since July 24, 2015. The surge was driven by retail favourite stocks such as Bank of Punjab, TRG Pakistan and Jahangir Siddiqui and Co., which contributed 109m shares to the turnover. Traded value stood about unchanged at Rs16.2 billion.
The market remained lively throughout today’s session as investors were seen booking profits and building fresh positions mainly in small-cap stocks.
Contribution to the upside was a mixed bag. Major gainers were Pakistan Oilfields, which rose 2.61pc, Nestle Pakistan 2.7pc and Nishat Mills 3.73pc. In contrast, Hub Power Company fell 1.96pc, Pakistan Petroleum 0.96pc and Pakistan Tobacco 2.78pc.
Interest was seen in the oil and gas sector after a 4pc overnight rally on the back of record inventory drawdown.
Textile shares staged a comeback after the prime minister asked the Ministry of Commerce to make arrangement for duty-free import of cotton. Anticipation led to further gains in Nishat Mills (up 3.73pc), Nishat Chunian 0.34pc and Gul Ahmed 1.08pc as these names traded well into green.
DG Khan Cement and Maple Leaf Cement rose 1.29pc and 1.66pc, respectively, whereas Lucky Cement dropped 0.72pc and Kohat Cement was down 1.17pc.
Similarly, while Engro Corporation (down 0.59pc) and Fauji Fertiliser (down 0.79pc) traded in the red, Fatima Fertiliser (up 0.72pc) and Fauji Fertiliser Bin Qasim (up 0.71pc) staged a buoyant session.
Published in Dawn, September 10th, 2016