Daily Times

KARACHI: Pakistan equities extended its gains on Wednesday with benchmark KSE-100 Index closing at 39,587 levels.

Benchmark KSE100 Index closed 133 points plus after briefly testing 40000 level however due to relatively thin volumes, market failed to sustain the intraday high of 40,061 points level.

The local bourse started off on a negative note and traded sideways in the first half making an intraday low of -243 points. However, the market later gained its momentum to make an intraday high of +609 points.

Major activity was witnessed in cements and select financials while the interest in remaining key sectors from local institutions was limited likely due to sharp sell-off by foreigners previous day.

The Top Ten volumes chart was mostly dominated by retail names. Highlight of the day was Engro Corp that closed 3.38 percent higher after the company announced improvement in its Long Term credit rating from AA (Double A) to AA+ (Double A Plus) by the local rating agency.

“We expect consolidation near 40000 levels with investors likely continuing to take a cautious stance until the political and electoral noise settles down”, said Elixir Securities’ analyst Murtaza Jafar.

On the news front, PSX notified that it has taken note of directives from the Securities and Exchange Commission of Pakistan regarding PSX Chairman, Hussain Lawai, for necessary compliance.

Volumes remained subdued as 128 million shares changed hands during the day.

Fauji Fertiliser Company (FFL) from the consumer sector led the volumes with more than 8 million share exchanging hands. Commercial banks witnessed mixed sentiment where FAYSAL bank, Allied Bank and Bank Alflah closed near their respective upper circuits whereas United Bank Limited and Habib Bank Limited closed in the red trajectory.

Cement sector blew hot and cold in today’s trading session where DGKC (-2.53%), FCCL (-0.90%) closed in the red, while on the flipside, LUCK (+1.43%) closed in the green zone.

Published in Daily Times, July 12^th 2018.