A mixed trend pervaded Pakistan Stock Exchange (PSX) Thursday with the benchmark KSE-100 index moving between 42,526.15 points intra-day high and 42,326.95 points intra-day low. However, fresh buying in select stocks supported the index to close in positive at 42,411.80, with a gain of 7.33 points.
Trading activity improved as the volumes at the ready counter increased to 496.679 million shares as compared to 385.701 million shares traded Wednesday. The market capitalisation decreased by Rs 1.0 billion to stand at Rs 8.589 trillion. Out of the total 423 active scrips, 207 closed in positive, 197 in negative while the value of 19 stocks remained unchanged.
Dost Steel (R) was the volume leader with 52.318 million shares. It increased by Re 1.00 to close at Rs 5.18 followed by P.I.A.C. (A) that surged by Rs 0.98 to close at Rs 11.63 with 41.490 million shares. Bank of Punjab lost Rs 0.38 to close at Rs 19.34 with 27.892 million shares. Wyeth Pak and Philip Morris Pak were the top gainers with Rs 186.50 and Rs 82.96, respectively to close at Rs 3916.55 and Rs 1920.02. Rafhan Maize and Khyber Tobacco were the top losers with Rs 242.50 and Rs 46.90, respectively to close at Rs 7457.50 and Rs 971.10.
An analyst at Global Securities said the market remained rangebound for the second consecutive day, trading within a band of 200 points and closing almost unchanged at 42,412 points, up 7 points. Volatility in the market was witnessed as Panama Leaks hearing got postponed to 29th November. Scripts like LUCK, HASCOL, POL, NML and JSCL supported the index by 96 points. LUCK remained the highest contributor towards the index likely on back of rumours that the company might invest in the automobile sector. Moreover, HASCOL closed at the upper circuit for the second consecutive day following the impact of news regarding Vitol Dubai increasing its stake in Hascol to 25 percent. Within the automobile sector, ATLH got a hit after ECC refused to grant new entrant status to its new motorcycle model while EXIDE, GTYR and AGTL closed at the upper circuit.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed flat amid consolidation in the post earning season at PSX. Recovery in global crude prices on likely Opec output freeze supported oil stocks. Cements stocks outperformed on speculations over earnings in CPEC projects and rising local cement prices. Concerns for foreign outflows and dismal economic data on trade deficit for July to September 2016 invited late session pressure. Rising crude prices and subdued political noise played a catalyst role for positive close.