Daily Times

KARACHI: The KSE-100 Index on Friday remained positive throughout the session and gained 100 points in the last session of the year. With the last trading session of the rollover week and 2017, the local bourse closed 100 points positive, at 40,471 level.

Volumes also remained healthy at 241 million shares, up 0.6 percent day-on-day (DoD).

Pakistan Telecommunication Corporation (PTC) gaining 6.10 percent witnessed healthy volumes on the back of media reports regarding resolution of land transfer dispute between the government and Etisalat.

Fertilizers sector witnessed decent participation, where Engro Fertiliser gaining 1.27 percent and Fauji Cement with 2.32 percent advancement were the major gainers of the mentioned sector.

Refinery sector lost value in Friday’s trading session on media reports of the government restricting furnace oil imports, where ATRL (-3.0%) and NRL (-4.42%) declined to close in red. Material information was released by Maple Leaf Cement (MLCF) regarding putting construction of its new line of 7,300 tons/day on hold following order of the Environmental Protection Agency.

“We anticipate strong institutional flows to continue, however positive news from the political front will be a key trigger to drive the market sentiments”, said JS Reserch’s analyst.

Cement stocks, Fauji Cement Company Limited (FCCL) losing 3.25 percent, Fecto Cement losing 1.89 percent, Gharibwal Cement (GWLC) losing 1.39 percent, Maple leaf Cement (MLCF) losing 3.35 percent and Power Cement losing 2.56 percent failed to sustain their bullish trend.

Furthermore, refineries, Attock Refinery Limited (ATRL) losing 3.00 percent, Byco Petroleum losing 2.07 percent, Natoional Refinery Limited (NRL) losing 4.42 percent and Pakistan Refinery Limited (PRL) losing 2.60 percent closed negative due to the news that government has decided to restrict the import of Furnace Oil.

Power stocks, Pakgen Power Limited (PKGP) gaining 2.93 percent and Altern Energy Limited (ALTN) gaining 4.98 percent closed positive.

Published in Daily Times, December 30th 2017.