PSX hits new high

Pakistan Stock Exchange Thursday achieved another milestone and finally crossed the 50,000 crucial level on the back of both local and foreign investors'' support. The benchmark KSE-100 index rose by 435.59 points and closed well above the 50,000 level for the first time in its history at 50,192.36. Fresh buying was seen from both local and foreign fronts in various sectors. The foreign investors emerged net buyers of shares worth $4.1 million.
Daily trading volumes however stood at 449.717 million shares as compared to 459.446 million shares traded Wednesday. The market capitalisation increased by Rs 52 billion to Rs 10.003 trillion. Out of total 437 active scrips, 237 closed in positive, 184 in negative while the value of 16 stocks remained unchanged.
K-Electric was the volume leader with 74.078 million shares. It gained Rs 0.37 to close at Rs 10.25 followed by Japan Power that increased by Rs 0.21 to close at Rs 8.22 with 32.376 million shares. PIAC (A) surged by Rs 0.47 to close at Rs 9.80 with 26.176 million shares.
Bata Pak and Thal Ind Corp were the top gainers with Rs 37.41 and Rs 24.00, respectively to close at Rs 4,090.00 and Rs 509.00. Rafhan Maize and Hinopak Motor were the top losers with Rs 350.00 and Rs 85.47, respectively to close at Rs 7,800.00 and Rs 1,714.53.
Zeeshan Afzal at Insight Securities said the highest-ever close, with the benchmark finally managing a close above the key psychological level of 50,000. Excitement levels remained high in names with near term result announcements likes of PAEL, DGKC and FFC. Concentration remained high in the futures counter, which made up almost 30 percent of the traded value. Banking sector came in the limelight, after BAHL reported numbers that were above consensus.
TRG increased by 5.00 percent, as listing of its international subsidiary AFFINITY kept the stock moving upward. ATRL surged by 2.14, upbeat momentum on expectations of higher earnings for this quarter on account of isomerisation.
Nabeel Haroon at JS Global Capital said that positivity prevailed in the market during most part of the day as index gained around 435 points to close at 50,192 level. Hefty buying was witnessed in the market during latter hours, which helped market to close comfortably above 50,000 level. Banking sector led the gain in the market as index heavy weight HBL (+1.90 percent), MCB (+2.72 percent) and UBL (+1.64 percent) gained to close in the green zone. Investor interest was seen in fertilizer sector on the back of fertilizer dispatch number released by NFDC for the month of December 2016. FFC (+0.65 percent) and FATIMA (+2.40 percent) were among the major gainers of the aforementioned sector. BAHL (+3.52 percent) gained as the banking company declared its year end result for 2016. LUCK (+1.14 percent) in the cement sector gained as the cement company in its result announcement posted better than expected EPS of Rs 21.76 for its first half of FY17. The major index influencers were HUBC (+3.25 percent), HBL (+1.90 percent) and MCB (+2.72 percent).