Stocks rise on ‘inflows’ from friendly countries
KARACHI: Trading started off on the Pakistan Stock Exchange with a strong momentum on Monday, thanks to positive economic triggers.
Arif Habib Ltd said the benchmark index opened in the green zone and moved within the same territory throughout the day. Main reasons for the upbeat mood on the bourse included the favourable expectation with respect to monetary inflows from Saudi Arabia and China as well as attractive valuations of stocks.
Third-tier stocks received respectable volumes while overall volumes remained robust.
“We recommend that investors should avail any downside as an opportunity to buy in cement, technology and exploration and production sectors,” said JS Global.
As a result, the KSE-100 index settled at 42,047.36 points, up 191.05 points or 0.46 per cent from the preceding session.
The trading volume decreased 19.4pc to 240.2 million shares while the traded value went down 0.2pc to $24.6m on a day-on-day basis.
Stocks contributing significantly to the traded volume included WorldCall Telecom Ltd (43.5m shares), Dewan Motors Ltd (17.7m shares), Hascol Petroleum Ltd (16.6m shares), Sui Southern Gas Company Ltd (14.8m shares) and TPL Properties Ltd (11.9m shares).
Sectors that contributed to the index performance were technology and communication (36.9 points), exploration and production (31.4 points), oil marketing (23.4 points), power generation and distribution (21.5 points) and commercial banking (16.8 points).
Companies registering the biggest increase in their share prices in absolute terms were Khyber Tobacco Company Ltd (Rs30.22), Bhanero Textile Mills Ltd (Rs17.94), Hinopak Motors Ltd (Rs14.99), AKD Hospitality Ltd (Rs13.08) and Service Industries Ltd (Rs10.79).
Shares that declined the most in rupee terms were Siemens Pakistan Engineering Ltd (Rs38.72), Ismail Industries Ltd (Rs33.25), Shield Corporation Ltd (Rs21.63), Pakistan Engineering Company Ltd (Rs20) and Premium Textile Mills Ltd (Rs18.99).
Foreign investors remained net sellers as they offloaded shares worth $0.78m.
Published in Dawn, November 8th, 2022