Pakistan Stock Exchange (PSX) Thursday witnessed another bullish session on the back of continuous buying by local investors and institutions. The benchmark KSE-100 index surged by 246.99 points to close at new high of 44,741.98 points. Trading activity, however, remained low and the daily trading volumes at the ready counter decreased to 368.243 million shares as compared to 470.905 million shares traded Wednesday.
The market capitalization increased by Rs 29 billion to Rs 9.008 trillion. Out of total 403 active scrips, 256 closed in negative, 127 in positive while the value of 20 stocks remained unchanged. Foreign investors, however remained net sellers of shares withdrawing $1.9 million from the stock market.
Bank of Punjab was the volume leader with 52.791 million shares, however it lost Rs 0.58 to close at Rs 17.18 followed by NIB Bank that declined by Rs 0.38 to close at Rs 1.71 with 48.099 million shares. Aisha Steel Mill gained Rs 0.80 to close at Rs 15.47 with 31.298 million shares. Mari Petroleum and Siemens Pak were the top gainers with Rs 56.48 and Rs 54.57, respectively to close at Rs 1,186.10 and Rs 1,146.14. Sanofi-Aventis and Wyeth Pak were the top losers with Rs 88.00 and Rs 81.93, respectively to close at Rs 2,117.00 and Rs 4,711.07.
Nabeel Haroon, an analyst at JS Global Capital said that the market continued its positive momentum as the index gained another 247 points to close at its new high level of 44,742. Lucky gained to close on its upper circuit as the board of directors of the company in their meeting has authorised an investment of Rs 12 billion to set up a company to assemble and market KIA Motor vehicle in Pakistan. The board further resolved to start the due diligence of North Plant of Dewan Cement located in Hattar, District Haripur. NPL gained for the second consecutive day on the back of the news that Nishat Power along with its co sponsor TBEA Xinjiang Sun Oasis Company from China will use Nishat Energy Limited, as a special purpose vehicle to set up a 1x660MW coal fired power plant at Liaqatpur, Tehsil in Rahim Yar Khan. OGDC and PPL, in the E&P sector gained to close in the green zone on the back of slight rebound in crude oil prices, as it gained to trade above $50/bbl level.
Ahsan Mehanti at Arif Habib Corporation said that the index closed yet again at an all-time high level led by select bluechip scrips. Recovery in global crude prices and bullish global equities impacted the sentiments. He said that reports on rising auto sales, upbeat data on cement sales and higher urea sales for November 2016 played a catalyst role in positive close.