Stocks managed to settle in the green at record 37,392 points amid lackluster trade on the first day of Ramazan. Showing volatility in the intraday trade, the benchmark KSE-100 index added 40 points to 37,352 of Friday last week. "Volatility prevailed as the index juggled between -21 and +187 points," viewed Ahmed Saeed Khan of JS Research.
At ready-counter, share trading showed 38 percent decline on the first day of fasting month. The value of 140 million shares traded also depreciated 35 percent to Rs 7.71 billion from the previous Rs 11.95billion. Total 333 scrips changed hands of which 78 posted gains, 231 lost their worth and that of 24 stayed unchanged. The market capital accumulated to Rs 7.53 trillion.
Foreign portfolio investors ended the day on a positive note marking net buying of $2.01 million. While individual and Overseas Pakistanis sold their positions off by $54,115 and $1.24 million, the institutional investors bought $3.31 million portfolios. K-Electric, which dipped to Rs 8.20 at close, led volumes with 44 million trading turnover. Other most-traded shares were Fauji Cement, Dewan Motors, Lotte Chemical, Engro Fertiliser, TRG Pakistan, PIBT, PTCL, Silk Bank and OGDCL.
Futures trade slid to 27 million contracts from 35 million of last session. "Stocks closed higher led by selected oil, auto and cement scrips on strong valuations," said Ahsan Mehanti of Arif Habib Corp. The analyst said Cabinet Committee on Privatization''s approval on divestment of government''s 18 percent shares in Mari Petroleum Company Limited, investor speculations ahead of Pakistan''s likely MSCI upgrade next week, rising global crude prices and record development spending plans in the federal budget played a catalyst role in positive close.
"Lackluster activity was witnessed on the first day of Ramadan," said Hammad Aman at Topline Securities. With global oil supply glut easing with US''s depleting crude stockpiles, the price of British Brent rebounded to $50.50 a barrel psychological level. This helped index heavyweight OGDC and PPP rally by 0.94 and 3.87 percent. SEARL gained 4.8 percent on the back what analysts said Drug Regulatory Authority of Pakistan''s updated SOP''s for annual increase in drug prices.
The proposed Re1 per kilogram Federal Excise Duty kept taking toll on cements where DG Khan and Maple Leaf Cement shed 0.58 and 0.3 percent in prices. Still, Fauji Cement and Lucky Cement with 2.16 and 1.91 growth were the day''s gainers because of what Khan said a respectable increase in Federal Public Sector Development Program. "Moving forward, we remain bullish on the market... ahead of MSCI Emerging Market reclassification decision," the analyst said.
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