Market watch: Stock market continues upward trend

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KARACHI: Led by the cement and financial sector, the stock market continued its upward trend. The Karachi Stock Exchange’s (KSE) benchmark 100-share index rose 0.21% or 51.88 points to end at 25350.20.
JS Global Capital analyst Fahad Ali termed it a roller-coaster ride for investors at the bourse where the market swung in a band of 200 points. Cement sector rallied on the back of cement prices being raised by Rs10-15 in southern region with anticipation of an increase in the northern region as well.

“Volumes stood flat at 259 million shares, where Faysal Bank led the board with a total volume of 37 million shares closing up by 7.5%,” said Ali. Interest was generated in stocks like Pakistan State Oil, Pakistan Tobacco Company, DG Khan Cement and Engro as accumulation

Sharing a similar perspective, according to Fareesa Baig of Elixir Securities, Pakistan equities traded range-bound, closing 50 points above open after what seemed a rather volatile trading session directed by flows mainly in financials and cements.

“Lucky Cement (+1.2%) was a major gainer, climbing up 2.4% intraday on news of cement prices increase by southern cement manufacturers of the country, while DG Khan (+2.04%) and other cement names followed suit,” said Baig.

Commenting on the increase in financials, Baig added, “Bank Alfalah (+2.8%), National Bank (+1.3%) and United Bank Limited (+0.8%) gained on earnings excitement and also on expected hike in policy rates in January as inflation continues to climb.”

Trade volumes fell to 259 million shares compared with Monday’s tally of 278 million shares

Shares of 378 companies were traded on the last trading session of the week. At the end of the day, 200 stocks closed higher, 156 declined while 22 remained unchanged. The value of shares traded during the day was Rs10.4 billion.

Faysal Bank was the volume leader with 36.56 million shares, gaining Rs0.80 to finish at Rs11.47. It was followed by Fauji Cement with 12.91 million shares, gaining Rs0.12 to close at Rs14.42 and Bank Alfalah with 12.84 million shares gaining Rs0.76 to close at Rs27.38.

Foreign institutional investors were gross sellers of Rs416 million, according to data maintained by the National Clearing Company of Pakistan Limited

Market watch: Stock market continues upward trend – The Express Tribune