Stocks rose to a new-all time high on Thursday as investors cheered investment plans announced by Lucky cement while retailers continued to support mid and small-cap shares, dealers said.
Analyst Faisal Bilwani at Elixir Securities said equities extended gains in select financials and cement stock in a volatile trade.
“Market traded directionless in early hours, however activity picked up near mid-day on selective institutional interest that helped steady gains with index testing new all-time high,” Bilwani said. “Activity was focused in small and mid cap plays that dominated volumes chart on retail interest.”
The Pakistan Stock Exchange's (PSX) benchmark KSE 100-share Index gained 0.56 percent or 246.99 points to close at 44,741.98 points. The highest index of the day remained at 44,837.41 points while the lowest level of the day was recorded at 44,448.28 points. KSE-30 Index also rose 0.42 percent or 101.59 points to close at 24,044.94 points.
Turnover decreased by 102 million shares to 368.24 million shares, trading value dropped to Rs15.85 billion from Rs20.84 billion while market capital reached Rs9.00 trillion for the first time from Rs8.97 trillion. Out of 403 companies’ active in the session, 127 closed in green, 256 in red while 20 remained unchanged.
Major contribution to day’s gains came from Lucky Cements (up 5.0 percent) that emerged out as a star performer after the company announced a proposed equity investment for JV with Korean Auto maker, KIA Motors, and doubling of its grinding capacity in Iraq.
Select financials also ended the day green with Habib Bank (up 1.5 percent) and United Bank Limited (up 2.1 percent) trading higher on retailers interest, while MCB Bank Limited (down 0.1 percent) closed little changed following over eight percent gains this month alone on news of NIB Bank acquisition.
With market reaching its critical resistance level of 44,800 level and possible holiday mood ahead of long weekend, “we see lackluster activity and range bound trading tomorrow while developments on political front and noise surrounding the first family's (Nawaz Sharif) court case will remain a dampener and may trigger an across-the-board profit taking with support near 44,000,” Bilwani said.
Highest increase was recorded in shares of Mari Petroleum, which rose by Rs56.48 to Rs1,186.10/share, followed by Siemens Pak that increased by Rs54.57 to Rs1,146.14/share. Major decline was noted in shares of Sanofi-Aventis, which fell Rs88 to Rs2,117/share, followed by Wyeth Pak Ltd that decreased by Rs81.93 to Rs4,711.07/share.
Significant turnover was recorded in stocks of Bank of Punjab, NIB Bank Limited, Aisha Steel Mill, Treet Corp, Dewan Motors, Invest Bank, K-Electric Ltd, Pakistan International Airlines (A), Fauji Cement XD and Pak Int Bulk.
Bank of Punjab remained the volume leader with 52.79 million shares with a decrease of 58 paisas to Rs17.18/share. It was followed by NIB Bank Limited with 48.09 million shares with a drop of 38 paisas to Rs1.71/share.
Shares’ turnover in the future contracts decreased to 46.86 million shares from 77.34 million shares traded in the previous session.