PSX stays buoyant

A positive trend continued on Pakistan Stock Exchange (PSX) and the benchmark KSE-100 index Thursday gained another 48.71 points to close at a new high of 42,949.73 points. Trading activity also improved as the volumes at the ready counter increased to 564.483 million shares as compared to 495.605 million shares traded Wednesday. The market capitalisation increased by Rs 18 billion to Rs 8.751 trillion. Out of total 441 active scrips, 242 closed in positive, 186 in negative while the value of 13 stocks remained unchanged.
Pace (Pak) Limited was the volume leader with 61.235 million shares, however it lost Rs 0.07 to close at Rs 12.54 followed by Azgard Nine that gained Rs 0.63 to close at Rs 9.12 with 31.249 million shares. P.I.A.C. (A) inched up by Rs 0.03 to close at Rs 13.15 with 30.145 million shares.
Rafhan Maize and Nestle Pakistan were the top gainers with Rs 290.00 and Rs 200.00, respectively to close at Rs 7,700.00 and Rs 8,750.00. Wyeth Pak and Philip Morris Pak were the top losers with Rs 238.02 and Rs 93.16, respectively to close at Rs 4,522.54 and Rs 2,016.35. An analyst at Global Securities said that local bourse witnessed a volatile session as index hovered within a range of 305 points (high: 43,206 points; Low 42,091) and settled with a positive change of 49 points. KSE-100 index opened on an optimistic note and touched an all time intra-day high of 43,206 points; however, the index succumbed to selling pressure owing to profit taking in major stocks. HUBC, BAHL, HASCOL and HBL remained the major laggards to drag index down by 51 points, whereas bulk of the support came from NESTLE, DGKC, PPL and LUCK with cumulative contribution of 51 points. "Going forward we expect market to remain volatile, likely finding further direction from upcoming MPS on November 26, 2016," analyst said.
Ahsan Mehanti at Arif Habib Corporation said that the index closed higher led by cement and auto amid consolidation in the post earnings season. The banking stocks remained in pressure ahead of SBP Policy announcement on November 26 on likely status quo over the policy rates. Auto stocks outperformed on attractive policy and growth incentives. He said expected announcements on special export package for textile & cement sector played a catalyst role in record close.