KSE-100 Index hits new highs

Karachi

The KSE-100 Index benchmark resumed its north-bound journey on Monday, adding 291.98 points or 0.70 percent to hit a new closing high of 42133.54.

The bourse also achieved an all-time intraday-high of 42,204.53 on the same day.

‘’Gains witnessed in today’s session were broad based and underpinned by Supreme Court’s orders to all parties to submit documentary evidence before the court,’’ said an analyst at Intermarket Securities regarding the Panamagate hearing which is now scheduled for November 15.

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Major gains to the index came from Muslim Commercial Bank (+1.56 percent), United Bank Limited (+1.26 percent), Pakistan Oilfields Limited (+3.09 percent), Mari Gas Company Limited (+5 percent) and The Resource Group (+5 percent). The aforementioned stocks added 111 points to the bourse in total.

On the flip side, Hub Power Company Limited (-0.97 percent), Nestle Pakistan (-0.83 percent) and Indus Motor Company Limited (-1.42 percent) took away 32 points during today’s session.

Banks staged a comeback, with major contribution coming from Muslim Commercial Bank, United Bank Limited, Allied Bank Limited (+1.05 percent), Bank Alfalah Limited (+0.92 percent) and National Bank of Pakistan (+0.27 percent).

Among Autos Ghandara Nissan Limited’s and Ghandara Industries Limited’s stock price appreciated by 5 percent and managed to hit their second consecutive upper lock after Ghandara Nisan announced on Friday its intent to join hands with Renault.

On the other hand, Pak Suzuki Motor Company Limited (-0.47 percent), Indus Motor Company Limited and Honda Atlas Cars Pakistan (-0.49 percent) stocks lagged behind in the sector.

Fertilizers managed to gain some traction with Engro (+1.02 percent), Engro Fertilizer (+0.83 percent) and Fatima Fertilizer (0.52 percent) closing in green. Cements also defied the odds and gained further ground despite Richard bay coals prices hitting a new-high of $97.20 per ton on Friday.

Bank of Punjab stood out as the volume leader with as many as 48.5 million shares changing hands. The bank ended the day in green at a per share price of Rs19.33 up Rs1 from last day closing price of Rs18.33. It was followed by The Resource Group (TRG) Pakistan Limited with 26 million shares traded, up Rs1.75 and Azgard Nine Limited with 11 million shares traded, up Rs0.62.

Market participation came down by 21 percent and clocked in at 169.4 million shares compared to 213.6 million shares on Friday. On the contrary daily traded value for the KSE-100 Index went up to $103 million compared to $100 million in the previous session. The share price of 285 stocks went up, that of 103 depreciated and 13 stocks’ prices remained unchanged till the end of the first working day of the week.

‘’Technically speaking, the KSE-100 Index has been testing the same rising trend-line resistance that has been in play since mid-June, 2016. Going forward, we expect the KSE-100 Index to keep making attempts at breaking pass the hurdle,’’ said the IMS report in conclusion.

 

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Aisha Arshad
The writer is a business reporter at Pakistan today. She can be emailed at [email protected]
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