Pakistan Stock Exchange (PSX) on Monday opened on strong positive note and the benchmark KSE-100 index once again crossed 50,000 points crucial level to hit 50,322.55 points intra-day high. However, the index could not sustain this level due to selling in some sectors by local investors and finally closed at 49,965.63 points, up 40.55 points.
The foreign investors emerged net buyers of shares worth $2.7 million. Trading activities slightly improved as the daily trading volumes on ready counter increased to 362.407 million shares as compared to 354.875 million shares traded on previous session. Total market capitalisation decreased by Rs 4 billion to stand at Rs 9.877 trillion. Out of total 434 active scrips, 248 closed in negative and 177 in positive while the value of nine stocks remained unchanged.
Dost Steel was the volume leader with 32.082 million shares, however, lost Rs 0.66 to close at Rs 15.04 followed by Aisha Steel Mill that declined by Rs 1.01 to close at Rs 27.21 with 29.573 million shares. K-Electric decreased by Rs 0.07 to close at Rs 10.14 with 20.823 million shares.
Wyeth Pak and Shell Pakistan were the top gainers increasing by Rs 37.49 and Rs 27.96 respectively to close at Rs 4469.99 and Rs 587.63 while Hinopak Motor and Sanofi-Aventis were the top losers declining by Rs 73.00 and Rs 64.00 respectively to close at Rs 1652.00 and Rs 2736.00. Zeeshan Afzal at Insight Securities said that the equities kicked-off the week on a brighter note however gains couldn't hold up until session end as index was unable to sustain above 50,000 level. Steel sector set the tone towards southwards upon rumours of importers taking stay order against anti-dumping duties imposed on billets and galvanised steel. ENGRO (up 0.92 percent), result announcement this week where expectations of one time higher dividend and company announcing its future plans for the available cash uplifted the sentiment. SNGP (up 5.0 percent), anticipation of higher earnings for the next year on back of increase in asset base.
Ahsan Mehanti at Arif Habib Corporation said that stocks closed higher in the earning season rally at PSX led by second and third tier scrips on strong earnings outlook. Late session pressure witnessed amid surging trade deficit data, rumours on Margin Trading oversight and concerns for circular debt issue in the energy sector. He said that reports of surging fertilisers and cement sales played a catalyst role in higher close.
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