Pakistan
Stock Exchange (PSX) continued its upward trajectory as the bench mark shares
index reached around 44,800 levels. As Wider market didn’t stay green for long
with court proceedings lading to anxiety and confusion that paved way for
mid-day panic-selling as index nosedived into red. Market recovered soon after
and value buyers yet again made a strong entry given no major decision and
possible formation of a judicial commission; a move that could possibly delay
the outcome and ease anxiety among equity investors. Moreover Early Announcement of MCB bank & NIB bank
their merger to operate as a single entity, as the Singapore-based majority
shareholders of NIB have agreed to acquire, that’s make the NIB & MCB
script in selling mode. As to close, The Benchmark 100 share index finally its
new high of 44,741.98 (+246.99 points or 0.56%).Relatively Dull activity witnessed in the market as
turnover settled at 368 million shares as compared to 470 million shares in the
last trading session. Shares of 384 companies were traded; at the end of the
day 129 stocks closed higher, 235 declined, while 20 remained unchanged. The
value of shares traded during the day was at recorded the level of PKR 10.99
billion decreased by 031%.
Volatility prevailed in capital market; major
activity witnessed in Commercial Banks, Engineering and Cement sector. In
Banking sector, a news of merging; MCB Bank and NIB Bank announced their merger
to operate as a single entity, as the Singapore-based majority shareholders
agreed to acquire. NIB drops their value by (-18.18%) BOP (-3.27%), while UBL
up by (+2.07%). In Engineering Sector, ASL PECO KSBP gain their value by
(+5.45%),(+4.05%), (+2.99%). Moreover In “Cement
sector continued its previous day momentum, FCCL (+0.70%), LUCK (+5.00%), BWCL
(+3.86%).
Active list was topped by BOP with 52 million
shares as it closed at PKR 17.18 with a negative change of PKR 0.58. NIB was
the second highest on the volume chart with 48 million shares closed at PKR
1.71 with a negative change of PKR 0.38. It was followed by ASL with 31 million
shares closed at PKR 15.47 with a positive change of PKR 0.80, TREET with 16
million shares closed at PKR 67.18 with negative change of PKR 1.28.
Today major trading activities were recorded
in Commercial Banks Sector as it was traded above 122 million shares followed
by Engineering sector which recorded the volume of 33 million shares whereas
Cement sparked at 3rd place by trading above 25 million shares.
Highest increase was recorded in the shares
of Mari Petroleum, which rose by PKR 56.48 to PKR 1186.10 per share; followed
by Siemens Pak, that improved by PKR 54.57 to PKR 1146.14 per share.
Major decline was witnessed in the shares of Sanofi Aventis, which fell by PKR
88.00 to PKR 2117.00 per share; followed by Wyeth Pak Ltd, dropped by PKR 81.93
to PKR 4711.07 per share.
Factors
for Today:
·
MCB Bank, NIB Bank announce merger
·
Al Ghazi Tractors to invest $4m
·
SC offers commission option to Panama gate case
parties
·
Oil and gas: PPL production goes back to historic
highs
·
Exim bank to be functional before June 2017
Factors
to watch:
·
International
Oil prices.
·
PKR
vs US$ movement.
·
Panama
Leak Case
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