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Stocks add 121 points as political tension wanes

Stocks add 121 points as political tension wanes

KARACHI: Stocks remained positive for all of the day on Thursday as investors mustered courage to pick up shares at current valuations. The KSE-100 index gained 121.49 points to settle at 33,767.59. The index again found strong resistance at the 34,000 level.

Volume for the day stood at 188 million shares though second tier retail stocks continued to command the volume leaders’ list.

Refineries stood out as the best performers for the day with ATRL, NRL and PRL hitting the upper circuit. POL also gained 2.95pc.

“Market lucidity is still clouded with lots of political noise, mixed outlook on crude oil after the April 17 meeting in Doha and anticipation of result season surpassing market expectations,” said analysts at Intermarket Securities.

Further resolution of conflict in coming days especially with regards to the political stand-off between PTI and PML-N was likely to bode well for the overall sentiment, the analysts reckoned.

ENGRO, POL, EFERT, EFOODS and MCB together added 75 points to the index. Besides Refineries, healthy contribution to the index came from cements, banks, OMCs, telecommunication and autos.

The auto sector also managed to remain green fuelled by enticing valuations. ENGRO up 1.22pc and EFERT 2.22pc on positive news flow. Among banks, BAHL gained 0.69pc on the back of strong results for first quarter earnings posted at Rs2.28/share.

Pakistan Telecommuni­cation Company Ltd rose 2.68pcas the telecom service provider posted its first quarter earnings at Rs0.61 per share against Rs.0.49 for the same period last year.

Positive sentiments in the cement sector kept concrete stocks upbeat.

Published in Dawn, April 15th, 2016

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