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Last update: Thu, 19 Jan 2017 07am
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Uptrend persists

Stocks maintained their upward momentum Thursday despite what analysts said uncertainty on global equity and commodity markets. Driven partly by favourable portfolio investment numbers, the KSE-100 index rose by 0.58 percent or 192 points to close at 33,211.92 points. "Market continued its bullish momentum in the absence of any major foreign selling," opined Mohammad Rizwan of Topline Securities.

The off-shore investors ended the day at a net selling of $2.64 million. The benchmark index remained northward right from the beginning to rally to the session high 33,323.05 points. "Stocks closed bullish amid cautious activity at KSE on uncertain global equities and commodities," said Ahsan Mehanti of Arif Habib Corp. The index, he said, was supported by positives such as the likely release of the IMF's new tranche post 9th review next week supporting the rupee stability against the greenback, upbeat cement sales data for Nov'15 and renewed institutional interest in the oversold oil, banking and cement stocks. This, the analyst said, was despite "concerns" about "ongoing security threat alerts at KSE".

Trading turnover at the ready counter declined to 171 million shares valuing down to Rs 8.84 billion. Of the 347 scrips traded, 171 made it to the green and 159 in the red zone. Seventeen stayed unchanged. SSGC rose to Rs 43.93 at close as the gas utility led volumes with 16.6 million shares. Other best performing issues were K-Electric 12.6 million, SNGPL 10.5 million, TRG Pakistan 9.4 million, Lotte chemical 9.2 million, Pak Elektron 7.9 million, Silk Bank 6.3 million, Pace Pakistan 4.4 million, Descon Oxych(R) 3.9 million and Amreli Steels 3.6 million shares. Futures trade grew to 32 million contracts from 30 million of the last session.

Copyright Business Recorder, 2015