Pakistan News

Stocks close weekend session with 75-point gain

Stocks close weekend session with 75-point gain

KARACHI: After three days of decline, stocks recovered on Friday with the KSE-100 index posting a gain of 74.67 points (0.23 per cent) to close at 32,876.55.

Taking lead from the regional markets, the PSX started out on a positive note.

Volumes rose to 109m shares and trading value also improved to Rs5 billion. Most high volume scrips were of mid-tier stocks.

Analyst Ahmed Saeed Khan at JS Global stated that sentiments remained weak on the last day of rollover week, in the absence of any major market moving triggers.

Rally was witnessed in the cement sector during the second half as speculation rose that despatch numbers will clock in about 20pc to 25pc higher year-on-year for March 2016. DGKC, LUCK and MLCF all ended up higher by 3.07pc, 0.39pc and 4.99pc, respectively.

Mixed sentiment prevailed in the oil sector. PRL, PPL and PSO ended in the green whereas other major players closed marginally in the red zone.

NBP (2.24pc) came under pressure.

Global oil prices managed to recover off their lows as major markets were celebrating good Friday. Big contribution to the downside came from fertilisers (74 points), banks (52.19), E&P (45.62), automobiles (35.63) and OMCs (14.54).

Top contributors towards the day’s rally were NESTLE (4.69pc), DGKC (2.97pc), MLCF (4.99pc) and PPL (1.63pc).

Analyst Ahsan Mehanti at Arif Habib Corp said that the stocks closed positive led by cement scrips amid speculations on Pak-Iran trade ties, CPEC projects collaborations and SBP policy rate announcements. Second- and third-tier scrips outperformed. Falling textile exports, global markets uncertainty kept activity at lows in the rollover week.

Published in Dawn, March 26th, 2016

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