RECORDER REPORT
KARACHI: The share market ended the week 135 points or 0.34 percent higher to close at 39,927 points Friday.
Amid increased trade, the benchmark KSE-100 index started the day from 39,792 of Thursday and was once seen rallying to hit the session’s high of 39,950 points.
“Stocks closed bullish led by cement, autos and oil refineries on strong financial results,” said Ahsan Mehanti of Arif Habib Corp.
The analyst said trade remained higher in second- and third-tier scrips amid concern for pressure in fertilizer scrips on falling urea prices and rising circular debt in energy sector.
Recovery in global crude prices and speculations on likely positive impact of the CPEC projects on earnings outlook for cement sector played a catalytic role in the bullish close at PSX, he said.
Nabeel Haroon of JS Research said the market continued its positive momentum.
At the ready-counter, trading volume rose to 362 million shares compared to the previous 297 million. The value of stock traded appreciated to Rs15 billion from Rs12.6 billion of last session. Of the 406 scrips traded, 220 settled in green, 164 in red and 22 remained unchanged.
The market capital accumulated to Rs8.02 trillion compared to Rs7.97 trillion a day earlier. Dewan Cement appeared as a volume leader with 29 million trading turnover. The cement manufacturer appreciated to Rs19.55 at close.
Other issues topping the best performers’ list included Pace Pakistan, K-Electric, SNGPL, Dewan motors, SSGC, Byco Petroleum, National Bank of Pakistan, TRG Pakistan and Dewan Salman,
In the rollover week, futures trade surged to 105 million contracts from the previous 87 million. INDU went up 1.22 percent because of what analyst Harron said the company declaring better than expected FY16 result.
In its financial result the company posted earnings of Rs145.74 per share along with a final cash dividend of Rs40 taking the full year payout to Rs100 per share.
Investor interest was seen in NBP, which rose 4.79 percent, as the banking company posted 25 percent YoY growth in its 1H2016 result announced.
“Moving forward, we expect the market to continue its bullish momentum,” he said.
