A positive trend continued on Pakistan Stock Exchange (PSX) and the benchmark KSE-100 index crossed 43,000 psychological level to hit 43,067.20 points intra-day high. The index closed at 42,999.66 points, gaining 49.93 points on Friday. Trading activity remained low as the volumes at ready counter declined to 502.425 million shares as compared to 564.483 million shares traded Thursday.
The market capitalisation increased by Rs 6 billion to Rs 8.757 trillion. Out of total 422 active scrips, 230 closed in positive, 180 in negative while the value of 12 stocks remained unchanged. Amtex Limited was the volume leader with 28.322 million shares. It gained Rs 0.74 to close at Rs 3.83 followed by Media Times Limited that increased by Rs 0.40 to close at Rs 5.40 with 23.379 million shares. Sui Southern Gas declined by Rs 2.30 to close at Rs 43.83 with 23.155 million shares.
Wyeth Pak and Service Industries were the top gainers with Rs 66.23 and Rs 61.64, respectively to close at Rs 4,588.77 and Rs 1,538.99. Rafhan Maize and Philip Morris Pak were top losers with Rs 140.00 and Rs 86.35, respectively to close at Rs 7,560.00 and Rs 1,930.00.
An analyst at Global Securities said that the local bourse remained rangebound throughout the day, trading within a band of 155 points. The market remained under pressure due to its resistance at the 43,000 level. LUCK, NML, KTML, FFC and GHGL supported the index most by 68 points. Major upside came from the Cement, Fertiliser and Glass industry after news of ECC regarding the reduction in gas price from Rs 600/mmbtu to 400/mmbtu surfaced the market. Additionally nearly the whole textile sector closed positive due to the much anticipated textile package announcement. While SSGC hit the lower cap after the release of material information that the SHC has dismissed their petition.
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. The cautious activity remained in banking stocks ahead of SBP policy announcement on Saturday. Concerns for over Rs 328 billion outstanding circular debt of power sector, foreign outflows and rupee depreciation invited intra-day correction. Upbeat LSM data for July to September 2016 period, speculations over PM Rs 75 billion special package to boost textile and cement exports and reports of rising fertiliser, pharma sales played a catalyst role in positive close.