Bulls reign in on PSX: Index gains 296.76 points

Bulls reign in on PSX: Index gains 296.76 points

Bulls reign in on PSX: Index gains 296.76 points

PSX UPDATE Photo: File

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KARACHI: The Pakistan stocks market remained in the green territory on the first day of the month after the adjustment of the MSCI-related outflows, dealers said on Wednesday.

An analyst at Pearl Securities said the cement sector contributed the most, adding 111 points to the index, as the coal prices came below $120/tonne.

“During the day, the market momentum was supported by the declining international oil prices, despite the inflation figure reaching 11.53 per cent in November 2021.”

The Pakistan Stock Exchange KSE-100 shares Index gained 0.66 per cent, or 296.76 points, to close at 45,369.14 points. The KSE-30 shares Index gained 0.84 per cent, or 146.24 points, to close at 17,575.86 points.

As many as 337 scrips were active, of which 209 advanced, 108 declined and 20 remained unchanged. The ready market volumes stood at 241.06 million shares, compared with the turnover of 411.46 million shares in the last trading session.

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An analyst at Arif Habib Limited said the KSE-100 Index stayed in the green zone throughout the day, as the market celebrated the transition from the Emerging markets to the Frontier Markets.

“[The] index opened with a bullish momentum, as traders took aggressive bet on cement, steel and technology stocks. Later, accumulation was witnessed in the banking sector as [the] CPI [consumer price index] for the month of November 2021 clocked-in at 11.53 per cent, the highest inflation in 21 months influenced by a record hike in fuel prices.”

In the last trading hour, sharp upside was witnessed, as short sellers jumped in to square-off trading positions.

Going forward, analysts expect the market direction to stay north, and suggest investors to adopt the buy on dip strategy in the ongoing week.

The companies that reflected the highest gains included Rafhan Maize, up Rs161.37 to close at Rs9,899/share; and Nestle Pakistan, up Rs131.36 to close at Rs5,521.54/share.

The companies, which reflected the most losses included Sapphire Textile, down Rs86.32 to close at Rs1,064.75/share; and Sapphire Fiber, down Rs52.75 to close at Rs845.25/share.

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The highest volumes were witnessed in Fauji Foods with a turnover of 38.34 million shares. The scrip gained four paisas to close at Rs11.02/share; followed by Fauji Foods (Rights) with a turnover of 37.06 million shares. It shed five paisas to close at 69 paisas/share. TPL Properties remained the third with a turnover of 14.85 million shares. It gained 66 paisas to finish at Rs43.48.

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