Market continued its northbound
journey as index managed to make yet another new high of 46600 levels. Further
the dollar surged against its peers and most Asian markets tumbled after the US
Federal Reserve indicated it will likely embark on a steeper path of interest
rate hikes over the next year. Moreover Support was seen mainly in oil and gas
names, as international crude touch the USD55/bbl E&P closing deep in the
green. Banking and Pharmaceutical stocks ended the day on a positive note. At
close, the PSX’s benchmark KSE 100-share Index finished with a rise of 0.37% or
173.08 points to finish at 46,358.35 levels. Relatively Slow activity witnessed in the market as
turnover settled at 340 million shares as compared to 360 million shares in the
last trading session. Shares of 398 companies were traded; at the end of the
day 192 stocks closed higher, 182 declined, while 24 remained unchanged. The
value of shares traded during the day was at recorded the level of PKR 15.45
billion decreased by 2%.
Bulls
remain in capital market; major activity witnessed in Commercial Banks, Cement
and Textile Composite sector. In Commercial Banks sector, AKBL & MCB remain
positive in the whole session and appreciated their value by (+2.32%), (+1.77%)
while BOP, drop by (-0.23%). In Cement Sector, PIOC waste heat recovery plant
starts operation today resulted in surge of 0.93% in its price. FCCL surge
their value by (+0.99%), while LUCK, BWCL drop their value by (-3.27%),
(-2.39%). Moreover in Textile Composite Sector, NCCL NML ANL appreciated the most
and surge their value by (+4.00%), (+5.00%), (+2.84%). In E&P
closing deep in the green MARI, PPL POL 3.86%, 2.67%, 1.39%
Active
list was topped by ASL with 19 million shares as it closed at PKR 16.50 with a
positive change of PKR 0.13. TRG was the second highest on the volume chart
with 15 million shares closed at PKR 44.85 with a negative change of PKR 0.82.
It was followed by EPCL with 14 million shares closed at PKR 16.03 with a
positive change of PKR 0.93, PIBTL with 11 million shares closed at PKR 35.68
with positive change of PKR 1.69.
Today
major trading activities were recorded in Commercial Banks Sector as it was
traded above 55 million shares followed by Cement sector which recorded the
volume of 31 million shares whereas Textile Composite sparked at 3rd place by
trading above 28 million shares.
Highest
increase was recorded in the shares of Sanofi-Aventis, which rose by PKR 94.58
to PKR 2195.58 per share; followed by Hino Pak Motors, that improved by
PKR 75.25 to PKR 1580.26 per share. Major decline was witnessed in the shares
of Nestle Pakistan, which fell by PKR 100.14 to PKR 8700.00 per share; followed
by Wyeth Pak Ltd, dropped by PKR 99.02 to PKR 4685.08 per share.
Factors for Today:
·
Oil
prices stabilize after Fed hike as tighter market looms
· Fed set to raise interest rates
·
Siemens
offers $2.5b credit facility for TAPI pipeline
·
Bahrain's
Bank Alkhair gets nod to sell stake in Pakistan's Burj Bank
·
Asian
Bank to give $5.96bn in 2017-19
Factors to watch:
·
International
Oil prices.
·
PKR
vs US$ movement.
·
Panama
Leak Case
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