Pakistan bourse remains bullish; KSE-100 Index gains 370 points

Pakistan bourse remains bullish; KSE-100 Index gains 370 points

Pakistan bourse remains bullish; KSE-100 Index gains 370 points

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KARACHI: The Pakistan equity market after moving both ways managed to close in the green zone, as the stock market participants were anticipating a lower-than-expected hike in the policy rate, dealers said.

Ahsan Mehanti at the Arif Habib Corporation said that the stocks recovered, as investors’ weighed upbeat data on auto sales (up 62 per cent for July-November 2021) and the market projections for reduction in trade and current account deficits, amid hike in the key policy rate.

“[The] surge in remittances by 10 per cent for July-November 2021 to $13 billion and enhanced exports played a catalytic role in [the] bullish close.”

The Pakistan Stock Exchange KSE-100 shares Index gained 0.86 per cent, or 370.34 points, to close at 43,246.71 points. The KSE-30 shares index gained 0.85 per cent, or 143.97 points, to close at 17,044.74 points.

As many as 323 scrips were active, of which 237 advanced, 67 declined and 19 remained unchanged. The ready market volumes stood at 212.35 million shares, compared with the turnover of 150.38 million shares in the last trading session.

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Muhammad Mubashir at JS Global Capital said that positive activity was witnessed at the bourse. “Healthy participation was witnessed in tech stocks, mainly TRG Pakistan, which went up 7.5 per cent; Netsol, up 7.5 per cent; Avanceon, up 6.9 per cent; and Telecard, went up 4.6 per cent.”

Going forward, analysts expect range-bound activity to continue due to concerns over the economic outlook and geopolitical situation of the country, and recommend investors to avail any downside as an opportunity to buy in the banking and E&P sectors.

The companies, which reflected the highest gains included Nestle Pakistan, up Rs83.75 to close at Rs5,440/share; and Sapphire Textile, up Rs50.18 to close at Rs898.97/share.

The companies that reflectded the most losses included Gatron Industries, down Rs39.37 to close at Rs485.62/share; and Sanofi Aventis, down Rs17.07 to close at Rs558.83/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 21.75 million shares. The scrip gained 10 paisas to close at Rs1.8/share; followed by Byco Petroleum with a turnover of 16.13 million shares. It gained 34 paisas to close at Rs5.99/share. TPL Properties remained the third with a turnover of 12.76 million shares. It gained Rs1.26 to finish at Rs30.64/share.

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