Daily Times

KARACHI: The Pakistan Stock Exchange (PSX) maintained its winning streak after the long Eid holidays albeit in volatile trading with benchmark KSE-100 Index settling above 46,700 level, up 0.8 percent.

Market witnessed a choppy session in early trading on listless volumes where index also entered in the red zone for a brief period. Thereafter, institutional value-buying in major sectors across financials, cements and oils led index to make an intra-day high above 47000 level followed by mild profit-taking as the day progressed.

Major contribution to gains came from Habib Bank Limited (HBL) gaining 5 percent, United Bank Limited (UBL) gaining 4.1 percent , Oil & Gas Development Comapny (OGDC) gaining 3.8 percent , Dawood Hercules (DAWH) gaining 5 percent, Pakistan Petroleum Limited (PPL) gaining 2.5 percent , Lucky Cement (LUCK) gaining 1.5 percent and MCB Bank (MCBI gaining 1.9 percent. Activity as expected was most focused in small and mid cap plays where stocks to the likes of TRG Pakistan (TRG) loosing 4.9 percent, Bank of Punjab (BOP) gaining 2.5 percent and K-Electric (KEL) loosing 2.1 percent dominated the volumes chart on retail churning.

Ali Raza, an analyst at Elixir Research sees flows continuing to guide broader market direction while illiquid sideboard plays are expected to see unusual moves tomorrow ahead of fiscal year end close on likely window dressing.

Published in Daily Times, June 30th, 2017.