Pakistan stocks started the week with bull-run with KSE-100 index on Monday ending 359 points higher at 33,808. In intraday trade, the benchmark index showed volatility to hit the session high and low of 33,829 and 33,371 points respectively. Trading turnover on ready-counter was recorded higher at 292 million shares compared to the previous 204 million. The value of shares trade rose to Rs 11.60 billion from Rs 9.71 billion Friday last week.
Of the 357 scrips traded 229 advanced, 109 declined and 19 remained unchanged in valuation. Market capital, moving northward, swelled beyond Rs 7.01 trillion mark. Foreign investors were jittery to have made net selling of $1.5 million. K-Electric led volumes with 31.6 million shares trading. The power utility rose to Rs 7.21 at close. Other best performing stocks were Dewan Cement, JSCL, TRG Pakistan, TPL Trakker, PIBT, SNGPL, Pace Pakistan, Ghani Gases and Fauji Cement.
Futures trade grew to 44 million contracts compared to 34 million of last session. "Stocks closed bullish amid higher trades as global equities showed recovery and investor cheer upbeat data on local petrol sales," viewed Ahsan Mehanti of Arif Habib Corp Oil Marketing Companies, fertilisers and cement stocks led the bull rally ahead of quarter end earning announcements, the analysts added.
"Speculations remained over the SBP policy rate announcements after CPI Inflation fell to 3.94pc for Mar'16," he said. Ahmed Saeed Khan of JS Research observed the bull-run continuing for the fourth straight session. "Positivity today was led by the cement sector, the market had not reacted to the news that the IMF has asked Pakistan to cut its PSDP funds by Rs 360 billion," the analysts opined. Global crude oil prices rebounded to trade above $38.75 a barrel mark (Brent), subsequently closing all major scrips marginally in the green zone. "Moving forward, we expect the market to continue with its positive momentum," said Khan.
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