Pakistan equity market gains over improving economic conditions

• The Pakistan Stock Exchange KSE-100 shares Index gained 1.78 per cent, or 764.25 points, to close at 43,621.82 points.
• Volumes remained healthy in the main board although hefty volumes were witnessed in the third tier stocks.

KARACHI: The bulls remained active at the Pakistan Stock Exchange on Monday, as the market celebrated the news of the likely inflows from the friendly countries, besides the rupee appreciation against the dollar, analysts said.

An analyst at Arif Habib Limited said that the bulls triumphed as the market gained 1.78 per cent over the flow of positive news.

“The KSE-100 Index remained in the green zone throughout the day as value buying was witnessed across the board. The investors gained confidence after news regarding monetary help from Saudi Arabia and the continued rupee appreciation against the dollar,” he added.

Volumes remained healthy in the main board although hefty volumes were witnessed in the third tier stocks driving the traded value to $78 million, he added.

The Pakistan Stock Exchange KSE-100 shares Index gained 1.78 per cent, or 764.25 points, to close at 43,621.82 points. The KSE-30 shares Index gained 1.56 per cent, or 252.73 points, to close at 16,468.37 points.

As many as 368 scrips were active of which 272 advanced, 75 declined and 21 remained unchanged.

The ready market volumes stood at 541.54 million shares, compared with the turnover of 373.85 million shares in the last trading session.

An analyst at Topline Securities said that Pakistan equities closed positive where the KSE-100 Index settled at 43,622 level.
“The market remained positive throughout the session as the rupee further strengthened against the greenback. Lower global oil prices, news of Saudi Arabia’s plan to renew the $3 billion deposit and an additional support of $100 million/month for 10 months in petroleum products boosted the investors’ confidence,” he added.

The companies which reflected the highest gains included Nestle Pakistan(XD) up Rs250 to close at Rs6,150/share, Sapphire Textile up Rs73.78 to close at Rs1,136.72/share.

The companies which reflected the most losses included Bhanero Textile down Rs106.38 to close at Rs1,318.62/share, and Indus Motor down Rs15.71 to close at Rs1,048.08/share.

The highest volumes were witnessed in K-Electric with a turnover of 58.62 million shares. The scrip gained 20 paisas to close at Rs3.35/share, followed by Pak Refinery with a turnover of 38.74 million shares. It gained 26 paisas to close at Rs19.72/share. WorldCall Telecom remained the third with a turnover of 37.75 million shares. It gained 1 paisa to finish at Rs1.35/share.

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