Bourse turns bullish with 54-point rise


KARACHI:

Buying and selling exercise turned constructive on the Pakistan Inventory Alternate on Friday and helped the KSE-100 index submit a slight rebound of 54 factors in a range-bound session.

Some readability over Afghanistan scenario supplied assist to the inventory market, the place a two-day bear-run got here to an finish. Nonetheless, considerations over persistent rupee depreciation and present account deficit capped features.

Index-heavy car, cement, monetary and oil sectors confronted inventory sell-off whereas cement and fertiliser sectors noticed shopping for exercise.

The primary half of the buying and selling session mirrored a rollercoaster experience because the market started buying and selling on a constructive notice, climbed previous 47,000 factors however erased a lot of the features as a consequence of profit-booking.

The second half started with a spike, nonetheless, weak financial cues pulled it down. Nonetheless, the market managed to shut with slight features.

At shut, the benchmark KSE-100 index recorded a rise of 54.41 factors, or 0.12%, to settle at 46,957.47.

A report of Arif Habib Restricted acknowledged that the market traded in a slim vary of -24 factors and +210 factors, closing the session up by 54 factors.

Financial institution, oil, gasoline and cement shares bore promoting strain whereas know-how, fertiliser and sideboard shares helped submit an uptick within the index.

Redemption on the a part of mutual funds put strain on the index after web international promoting of $5.5 million on Thursday, the report stated.

JS World analyst Maaz Mulla stated that optimistic buyers stored the KSE-100 index within the inexperienced zone and the bourse closed with a acquire of 54 factors at 46,957.

Cement and banking sectors remained underneath strain the place Attock Cement (-3.4%), Maple Leaf Cement (-1%), Pioneer Cement (-0.7%), HBL (-0.9%), Faysal Financial institution (-1.2%), NBP (-1.5%) and UBL (-0.3%) have been the most important losers.

Investor curiosity was witnessed within the chemical sector the place Ghani World Holdings (+3.6%), Sitara Chemical Industries (+7.3%), Lotte Chemical (+1.2%) and Engro Polymer and Chemical substances (+1.1%) gained floor.

“Going ahead, we advocate buyers to stay cautious and await readability on the MSCI reclassification proposal, which is scheduled to be introduced on September 7,” the analyst stated.

Total buying and selling volumes dropped to 465 million shares in contrast with Thursday’s tally of 544.4 million. The worth of shares traded throughout the day was Rs12.2 billion.

Shares of 526 corporations have been traded. On the finish of the day, 201 shares closed increased, 311 declined and 14 remained unchanged.

Service Materials (R) was the amount chief with 83.6 million shares, shedding Rs0.98 to shut at Rs4.87. It was adopted by WorldCall Telecom with 50.6 million shares, gaining Rs0.05 to shut at Rs3.55 and Telecard Restricted with 37.9 million shares, gaining Rs1.38 to shut at Rs21.92.

International institutional buyers have been web sellers of Rs54.1 million value of shares throughout the buying and selling session, in response to knowledge compiled by the Nationwide Clearing Firm of Pakistan.

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