The Pakistan Stock Exchange continued
to struggle in choppy trade as lack of triggers and relentless foreign selling
for the last few days were a cause for concern for investors, who focused on
the Panama Papers hearing in the Supreme Court of Pakistan. Investors decided
to take profit and wait for a more opportune moment to buy in start but later
on enthusiasm witnessed in late hour. After a roller coaster drive the
benchmark KSE-100 index closed with a an increase of 111.80 points or 0.26% to
close at 42,404.47. Relatively better activity witnessed in the market as
turnover settled at 385 million shares as compared to 333 million shares in the
last trading session. Shares of 392 companies were traded; at the end of the day
171 stocks closed higher, 191 declined, while 30 remained unchanged. The value
of shares traded during the day was at level of PKR 8.56 billion increased by
%.
Mixed
trend witnessed in Capital Market; Technology, Banks & Power sector
witnessed the most trading. Long awaited WTL deal finally disclosed as Oman
Telecommunications Co (Omantel) shared via Reuter that it is going to sell its
controlling stake (56.8%) in Pakistan's World Call Telecom. Share price
increase by 6.83%, moreover PTC also improved by 1.16%. Banks mainly
contributed towards the decline in index as UBL, HBL and BOP down by 0.24%,
0.07% and 0.7%. Among Power players JPGL feel the heat of profit taking by
2.84% and HUBC by 0.47% while KEL up by 0.22%. The oil and gas companies
improved on the back of recovery in oil prices as OGDC, POL & PPL improved
their values by 0.36%, 0.49% and 0.36% respectively. HASCOL disclosed via PSX
notice that Vitol Dubai Ltd increase its stake in company from 15%-25%; led the
bullish rally in stock and help to hit the upper limit, SNGPL improved 4.29% on
account of fallen UFG losses.
Active list was topped by WTL with 37
million shares as it closed at PKR 2.96 with a positive change of PKR 0.18.
JPGL was the second highest on the volume chart with 29 million shares closed
at PKR 6.52 with a negative change of PKR 0.17. It was followed by BOP with
22.8 million shares closed at PKR 19.72 with a negative change of PKR 0.14,
QUICE with 22 million shares closed at PKR 9.75 with a positive change of PKR
0.55.
Today major trading activities were
recorded in Technology & Communication Sector as it was traded above 70.6
million shares followed by Commercial Banking which recorded the volume of 48
million shares whereas Power Generation sector sparked at 3rd place by trading
above 38 million shares.
Highest increase was recorded in the
shares of Wyeth Pak, which rose by PKR 64.27 to PKR 3,730.05 per share;
followed by Exide Pak that improved by PKR 47.36 to PKR 994.61 per share. Major
decline was witnessed in the shares of Philip Morris, which fell by PKR 96.68
to PKR 1,837.06 per share; followed by Island Textile, dropped by PKR 60.99 to
PKR 1,200.00 per share.
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