Mixed trend persists

A mixed trend persisted on Pakistan Stock Exchange (PSX) Thursday. The benchmark KSE-100 index kept oscillating between 50,195.73 points intra-day high and 49,784.33 points intra-day low levels. However, buying in certain stocks at the fag end supported the index to close in positive at 49,908.15 points, up 33.19 points.
Trading activity further improved as the volumes at the ready counter increased to 538.907 million shares as compared to 498.187 million shares Wednesday. The market capitalization decreased by Rs 24 billion to Rs 9.886 trillion. Out of total 432 active scrips, 220 closed in negative, 188 in positive while the value of 24 stocks remained unchanged.
K-Electric was the volume leader with 61.737 million shares. It closed at the previous day''s closing level of Rs 10.21 without any change followed by Power Cement that gained Rs 0.74 to close at Rs 17.99 with 36.671 million shares. Dost Steels increased by Rs 0.35 to close at Rs 15.98 with 35.350 million shares. Colgate Palmolive and Wyeth Pak were the top gainers with Rs 94.13 and Rs 72.80, respectively to close at Rs 1,994.13 and Rs 4,432.50. Bata Pak and Rafhan Maize were the top losers with Rs 174.00 and Rs 113.00, respectively to close at Rs 4,120.00 and Rs 7,506.00.
Nabeel Haroon at JS Global Capital said positivity prevailed in the market for most part of the day as the index gained to make an intraday high of 322 points but came under selling pressure during the latter hours as the index lost to close on a flat note ( up only 0.07 percent). The cement sector gained to close (up 2.14 percent) higher than its previous day close. DGKC (up 5.0 percent), FCCL (up 5.0 percent) and KOHC (up 2.2 percent) were among the major gainers of this sector. ISL (up 3.46 percent) and ASL (1.58 percent) in the steel sector extended their previous day gain on the back of the news that NTC has imposed definitive anti-dumping duty in the range of 6-40 percent on dumped imports of Galvanized Steel Coils/Sheets being imported from China.
Ahsan Mehanti at Arif Habib Corporation said that the market closed higher led by selected cement and banking scrips on strong valuations. Oil stocks remained in pressure on weak global crude prices. Engineering sector outperformed after National Tariff Commission imposed anti dumping duties on China Steel products. He said investors'' speculations in the earnings season played a catalyst role in higher close.