PSX sets new record high

A positive trend continued on Pakistan Stock Exchange (PSX) on Monday and the benchmark KSE-100 index gained another 61.05 points to close at new high of 43,060.71 points. Daily trading volumes however declined to 460.221 million shares as compared to 502.425 million shares traded in previous session. Out of total 438 active scrips, 254 closed in positive, 171 in negative while the value of 13 stocks remained unchanged.
Lotte Chemical was the volume leader with 30.079 million shares. It gained Rs 0.73 to close at Rs 9.04 followed by Media Times Limited that increased by Rs 0.75 to close at Rs 6.15 with 28.297 million shares. Nimir Resins closed at Rs 13.65, up Rs 0.83 with 15.651 million shares.
Rafhan Maize and Philip Morris Pak were the top gainers with Rs 378.00 and Rs 88.40, respectively to close at Rs 7,938.00 and Rs 2,018.40. Wyeth Pak and Colgate Palmolive were the top losers with Rs 102.94 and Rs 47.95, respectively to close at Rs 4,485.83 and Rs 1,651.05. Ahsan Mehanti at Arif Habib Corporation said that the index closed higher led by second- and third-tier scrips amid consolidation in the post earnings season. He said pressure remained in banking stocks after SBP maintained a status quo in the policy announcement on November 26, 2016. Concerns for over Rs 328 billion outstanding circular debt of power sector, falling global crude prices and foreign outflows invited intra-day correction. Speculations over PM special package to boost textile and cement exports and reports of rising urea, pharma and cement sales played a catalyst role in the positive close.
An analyst at Global Securities said that the local bourse added another 61 points to the benchmark KSE-100 index, closing at its all-time high of 43,061 points. Majority upside came from ECC decision to reduce gas prices by 33 percent, where main sectors to benefit from the news turned out to be Glass and Fertilizer. Within the glass sector; GHGL (+5%), GGGL (+4.63%) and TGL (+5%) registered a rally. While within the fertiliser sector; EFERT (+1.72%), FFC (+0.46%), FATIMA (+2.15%), ENGRO (+2.18%) and DAWH (+1.56%) collectively supported the KSE-100 index by 71 points. Main laggard during the day was the E&P sector that dragged the index down by 67 points as it followed international oil prices that fell during the day.