Last update: Wed, 28 Sep 2016 05am
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Stocks consolidate gains

The benchmark KSE-100 index Tuesday witnessed some consolidation due to rollover week; however, it managed to close at the level of 40,294.38, up 73.62 points, analysts said. Buying was seen in second- and third-tier stocks mainly by local investors and institutions; however foreign investors were net sellers of shares withdrawing $0.3 million from stock market.

Trading activity improved as the daily trading volumes increased to 573.537 million shares compared to 484.014 million shares traded Monday. Total market capitalisation increased by Rs 28 billion to Rs 8.177 trillion. Out of the total 442 shares, 213 closed in negative, 210 in positive while the value of 19 stocks remained unchanged. Bank of Punjab was the volume leader with 86.883 million shares gaining Rs 0.66 to close at Rs 13.07 followed by Byco Petroleum with 35.877 million shares. However, it lost Re 0.39 to close at Rs 23.86. WorldCall Telecom declined by Re 0.11 to close at Rs 2.98 with 29.274 million shares.

Rafhan Maize and Nestle Pakistan were the top gainers with Rs 179.80 and Rs 100.00, respectively to close at Rs 7350.00 and Rs 7,600.00. Murree Brewery and Ismail Industries were the top losers with Rs 29.90 and Rs 21.25 to close at Rs 1,027.64 and Rs 403.88.

Ahsan Mehanti at Arif Habib Corporation said stocks closed higher amid trade led by second- and third-tier scrips on speculations ahead of quarter-end close. Fertilizer scrips remained under pressure on subdued sales and falling urea prices. He said recovery in global crude prices on likely Opec support prices, institutional support in bluechip banks; oil and auto scrips played a catalytic role in the bullish close at PSX.

Fahad Qasim at Topline Securities said that after a strong gain during Monday''s trading session, the index witnessed some consolidation on the back of rollover week. The local bourse however managed to gain momentum and increased by 0.18 percent. Above average volumes were observed in Bank of Punjab as 86 million shares traded and the stock moved up by 5 percent.

Ahmed Saeed Khan at JS Global Capital said the automobile sector rallied on the back of depreciating yen. Top performers of the sector were PSMC and INDU which increased by 5 percent and 1.34 percent, respectively. Marginal positivity was witnessed in the oil sector following the trend of global crude oil prices that rose on the back of Nigeria and UAE reaching a deal to stabilise the market.

Copyright Business Recorder, 2016