Stocks add 82 points to overnight gains

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KARACHI, June 7: The stock market continued its winning streak on the last session of the week on Friday, though the momentum slowed down a bit with two days holiday ahead. The KSE-100 index gained 82.26 points to close at 22,358.96.

 

Intense volatility was witnessed mainly in the second session as the index oscillating 292 points between the high at 22,622 points and low at 22,330 points.

 

It presented an opportunity to day traders and punters to make quick profit although with an uncertain trend the volume declined 27 per cent to 340 million shares traded on Friday, from 463m shares traded the previous day.

 

Trading value also decreased 15 per cent to Rs10.611 billion, from Rs12.416bn. Market capitalisation was up by Rs10bn to Rs5.391 trillion, from Rs5.381tr.

 

The market capitalisation based KSE-30 index gained 91.99 points to 17,421.87 points, from 17,329.87 points on Thursday.

 

Foreign investors were bullish on Pakistan equity resulting in an inflow of $1.94 million on Friday.

 

Among local participants, ‘individuals’ represented net buy at $1.71m and ‘other organisations’ $1.10m. Mutual funds, which are known to be sitting on pile of cash, bought stocks valued at $3.74m on Friday.

 

On the other hand, ‘banks’ sold shares worth $1.32m and ‘companies’ offloaded stocks in the heavy sum of $7.16m.

 

In all 373 shares came up for trading on Friday, with the gap narrowing between 195 gainers and 168 losers. Another 10 stocks closed without any change in price.

 

Analysts said that the market continued to tread into the green driven by Mansha group stocks. MCB Bank, the foreigners’ favourite, was up by 4.8 per cent and Nishat Mills rose by 1.8pc. The two stocks added the highest points to the index. Engro Corp and Dawood Hercules led the decline in the fertiliser sector driven down by news of gas supply shutdown to SNGP based plants.

 

Fatima Fertiliser, however, defied the trend, rising by 2.9pc. “The underlying theme of the market remained the same as healthy foreign participation kept the bulls in business,” said the analyst at JS Research, who expects the bullish trend to remain strong while short and sharp corrections would intermittently hit the market on budget related news flow.

 

The highest gainer for the day was Colgate Palmolive up by Rs40.50 to Rs1,899 while the biggest loser was Nestle Pakistan down by Rs250 to Rs6,150.

 

On the list of 10-volume leaders, Lotte Chemicals was briskly traded with 24m shares, up 13 paisa to Rs8.89, from Rs8.76. It was followed by Fatima Fertiliser higher by 73 paisa to Rs26.06 on 23m shares.

 

BOP (right) continued to trim the heavy earlier gains with a fall of 7 paisa to Rs4.89 on 22m shares, PTCL shed one paisa to Rs22.52 on 18m shares, TRG Pakistan added 15 paisa to close at Rs11.62 on 15m shares, WorldCall Telecom edged higher by 2 paisa to Rs3.45 on 13m shares and Pace (Pak) was down 18 paisa to Rs5.34 on 11m shares.

 

BOP also eased by 17 paisa to Rs14.73 on 11m shares; Bank Alfalah up 17 paisa to Rs17.82 on 10m shares and PIA taking a dip of 63 paisa to Rs9.94 on 9m shares.



Courtesy:  Dawn


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