Pakistan stocks rebound on institutional interest in oversold market
KARACHI: Pakistan stocks bounced back on Friday, as investors opted for bottom fishing in the oversold market, dealers said.
Ahsan Mehanti Arif Habib Corporation said that the stocks closed bullish led by across-the-board scrips on institutional interest in the oversold scrips and reports of foreign inflows.
“Upbeat data on home remittances of over $2.66 billion in August 21, record surge in cement dispatches and POL sales and surging local cement, steel and fertiliser prices played a catalytic role in the bullish close.”
The Pakistan Stock Exchange KSE-100 shares index gained 1.23 per cent, or 573.17 points, to close at 47,198.29 points. The KSE-30 shares index gained 0.95 per cent, or 176.93 points, to close at 18,784.61 points.
As many as 528 scrips were active, of which 308 advanced, 203 declined and 17 remained unchanged. The ready market volumes stood at 427.44 million shares, compared with the turnover of 396.43 million shares in the last trading session.
An analyst at Topline Securities said positive activity was observed at the exchange on Friday. “Major contribution to the index came from the Meezan Bank, TRG Pakistan, Lucky Cement, Systems Limited and Pakistan Services, as they cumulatively contributed 345 points to the index.”
Maaz Mulla at JS Global Capital said that the bulls reigned over Pakistan equities, as the KSE-100 gained 573 points during the day.
As per the news, FBR chairman has presented a summary to strengthen Inland Revenue Enforcement Network (IREN) to combat tax evasion and leakages of duties payable on specified goods through the enforcement of Track and Trace System.
The refinery sector remained buoyant where Attock Refinery Limited (ATRL), rise 3.3 per cent; National Refinery Limited (NRL), up 3 per cent; Pakistan Refinery Limited (PRL), up 2.2 per cent and Byco, up 1.9 per cent closed in the green zone. Cement and steel sectors also rallied.
The companies, which reflected the highest gains included Unilever Foods, up Rs1,500 to close at Rs21,800/share; and Rafhan Maize, up Rs629 to close at Rs11,479/share.
The companies that reflected the most losses included Wah Noble, down Rs18 to close at Rs300/share; and AKD Hospitality, down Rs15.01 to close at Rs354.99/share.
The highest volumes were witnessed in Azgard Nine with a turnover of 39.67 million shares. The scrip shed 25 paisas to close at Rs24.69/share; followed by Service Fabric (Rights) with a turnover of 33.53 million shares. It shed 61 paisas to close at Rs2.78/share. Maple Leaf Cement remained the third with a turnover of 26.96 million shares. It gained 77 paisas to finish at Rs40.25.
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