Pakistan bourse recovers ahead of quarter-end financial results
KARACHI: The Pakistan stocks recovered on Thursday ahead of the quarter-end financial results due next week, amid central bank imposing curbs in dollar buying to stall falling rupee, dealers said.
The Pakistan Stock Exchange KSE-100 shares index gained 0.48 per cent, or 212.82 points, to close at 44,586.05 points. The KSE-30 shares index gained 0.46 per cent, or 80.6 points, to close at 17,543.84 points.
As many as 558 scrips were active, of which 311 advanced, 227 declined and 20 remained unchanged. The ready market volumes stood at 296.03 million shares, compared with the turnover of 252.76 million shares in the last trading session.
An analyst at Arif Habib Limited said the drop in coal prices primarily reversed the selling tide in the cement sector, which led the index from the front. Similarly, the overnight dent in the international oil prices caused downward pressure in E&P stocks.
“The positive stride in the index also propelled the steel sector scrips and investors considered taking positions. The cement sector stole the limelight, with Maple Leaf Cement (MLCF) garnering the most volume, besides hitting the upper circuit, among cement sector stocks; followed by D G Khan Cement. Selling pressure ensued, which brought the stock price of MLCF down from the upper circuit by the end of the session.”
Neelam Naz at JS Global Capital said that the benchmark index made another attempt to cross the 45,000 level through a recovery in cyclical sectors. However, selling pressure soon kicked in and the market slid from its intraday high of 44,947 and closed at 44,586 level, up 213 points.
“The increase in the cutoff yields in the auction of three- and six-month T-bills papers dampened investors’ confidence, as it hinted at further monetary tightening.”
“The market needs to overcome 45,300 on a closing basis to come out of the ongoing bearish spell. Investors are; therefore, advised to exercise caution until this level is overcome and build exposures in the market on major dips across-the-board, keeping a medium-term outlook in mind.”
The companies, which reflected the highest gains included Unilever Foods, up Rs200 to close at Rs19,200/share; and Rafhan Maize, up Rs125 to close at Rs10,925/share.
The companies that reflected the most losses included Colgate Palmolive, down Rs99.95 to close at Rs2,350.05/share; and Khyber Tobacco, down Rs16.84 to close at Rs318.3/share.
The highest volumes were witnessed in WorldCall Telecom with a turnover of 57.98 million shares. The scrip shed 15 paisas to close at Rs2.54/share; followed by Telecard Limited with a turnover of 36.99 million shares. It gained 66 paisas to close at Rs19.26/share. Treet Corporation remained the third with a turnover of 12.89 million shares. It gained Rs3.76 to finish at Rs53.97.
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