KARACHI: Pakistan equities closed higher amid buying in late trading session with benchmark KSE-100 index gaining 825 points to close at 41,558.
Activity in the wider market saw a considerable surge as investors welcomed the decision to indict ex-PM Nawaz and his family on corruption charges. During trading, $109 million worth of shares exchanged hands on KSE-All Share index, up 65% from this month’s average.
Cements remained on investors’ radar with notable names including DG Khan Cement, Lucky Cement and Maple Leaf Cements attracting decent flows while other sectors, notably fertilizers and oils also contributed to the gains. On the results front, United Bank’s earnings and payout met expectations while Pakistan Oilfields’ earnings, were announced after-hours, also came in line with expectations. Earnings of Attock Petroleum beat estimates on the account of higher-than-expected inventory gains.
Volumes were led by K-Electric with 29.7 million shares traded, Engro Polymer with 19 million, Dost Steels with 14.2 million, TRG Pak with 11.3 million, and Engro Fertilizer with 10.8 million.
Analysts expect the new found momentum in the market to continue in the near-term, with benchmark KSE-100 Index likely to reach previous highs over 42,000 points.
Published in Daily Times, October 20th 2017.
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