Pakistan equity market remains bullish, KSE-100 Index gains 156 points

KARACHI: The Pakistan Stocks rebounded and remained in a green zone on Thursday as the mini-budget was approved by the cabinet, while the year-end spectacles kept the market activities upbeat throughout the day.

An analyst at Topline Securities said that the equities started the day on a positive note, where the market remained in the green zone throughout the day. “The investors showed interest in the blue chip stocks for trading ahead of year end.”

The Pakistan stock exchange (PSX) KSE-100 shares index gained 0.35 per cent or 156.09 points to close at 44,416.2 points, and KSE-30 shares index gained 0.36 per cent or 62.86 points to close at 17,431.7 points.

As many as 373 scrips were active, of which 202 advanced, 149 declined and 22 remained unchanged.

The ready market volumes stood at 243.08 million shares compared with the turnover of 271.11 million shares in the last trading session.

Muhammad Mubashir at JS Global Capital said, “Bulls made a comeback as the market made an intra-day high of 44,590 points.”

“Going forward, we recommend investors to avail any downside as an opportunity to buy in Banking, E&P [Energy and Petroleum] and Cement sectors”.

The companies reflecting highest gains include Sapphire Textile up Rs74.80 to close at Rs1072.8/share and Sapphire Fiber up Rs57 to close at Rs972/share.

While the companies reflecting most losses include Colgate Palmolive down Rs177.99 to close at Rs2277.01/share and Rafhan Maize down Rs100 to close at Rs9400/share.

Highest volumes were witnessed in K-Electric with a turnover of 22.9 million shares. The scrip gained 3 paisas to close at Rs3.45/share, the Treet Corp was second with a turnover of 19.08 million shares, as it gained Rs1.22 to close at Rs42.33/share.

TRG Pakistan was third with a turnover of 17.7 million shares, gaining Rs3.88 to finish at Rs125.01/share.