Another all-time high

Pakistan Stock Exchange (PSX), on last trading session before the long weekend, ended higher and the index surged to another all time high level on strong earnings outlook. The benchmark KSE-100 index gained another 203 points to close at 40,340 points on Friday compared to 40,137 points on Thursday. Commenting on the market, Ahsan Mehanti, analyst at Arif Habib, said that stocks closed all time high led by auto, cement and textile scrips on strong earnings outlook.
"Subdued political noise, higher global crude prices, rising cotton prices and upbeat sales data in the cement, oil sector played a catalyst role in the bullish close ahead of Eid holidays," he added. Trading volumes at ready counter increased by 13 percent to 637 million on Friday shares as against 567 million a day earlier. However, trading value remained almost flat at Rs 16.2 billion. The market capitalisation surged by Rs 66 billion to highest ever Rs 8.113 trillion end of the session.
Hammad Aman, Manager Equity Sales Topline, said that staggering volumes were observed just ahead of Eid holidays crossing 600 million shares volume, while the index gained 0.5 percent on last trading of the week. Volumes were led by BOP, DSFL and TRG with 140m shares traded and interest led BOP, SSGC and HCAR to close at their upper limits of 5 percent.
The MTL announced its consolidated EPS of 46 per share along with cash dividend of Rs 30 per share and its stock gained by 3.8 percent, while the ASTL gained by 2 percent as it announced the EPS of 4.8 percent share along with Rs 2 cash dividend, he mentioned. The Bank of Punjab, Dewan Salman, TRG Pak Ltd, Dewan Cement and Azgard Nine were among the top scrips with trading volume of 49 million, 48.5 million, 40.46 million, 37.5 million and 28 million shares respectively.
Analysts at the JS said that positivity prevailed on the last trading session before the long weekend, as the index surged 203 points to close at its all-time high of 40,340 level. According to Nabeel Haroon of the JS, major activity was witnessed in the second and third tier stocks. Automobile sector continued its positive momentum on the back of depreciating Yen prices amid BOJ Chief's statement earlier this week that BOJ's review later this month won't result in any reduction in monetary stimulus. The BOP was volume leader and it gained to close on its upper circuit, he added. Rafhan Maize and Nestle Pakistan were the top gainers and their share prices surged by Rs 277.00 and Rs 200.00 to close at Rs 7,599.00 and Rs 7,600.00 respectively. While, Pak Tobacco and Siemens Pak were the top losers and declined by Rs 29.50 and Rs 20.84 to close at Rs 1,030.00 and Rs 842.00 respectively.