Stocks gained over one percent on Friday and the benchmark index reacted positively and touched its highs after the Supreme Court of Pakistan deferred court proceeding for next year against the Prime Minister’s family on corruption scandal, dealers said.
“Participants’ concerns and anxiety are subsided after the court pushed hearing on Panama Papers case to the next year,” said Ali Raza at Elixir Securities. The KSE-100 shares index gained 1.44 percent or 645.25 points to close at 45,387.23 points. KSE-30 shares index gained 1.67 percent or 402.49 points to end at 24,447.43 points. As many as 412 scrips were active of which 225 advanced, 165 declined and 22 remained unchanged.
The ready market volumes stood at 407.124 million as compared to 368.243 million shares a day earlier. Ahsan Mehanti at Arif Habib Corp said stocks surged to new highs led by oil and cement scrips as investor bet on rising global crude prices and gains from China-Pakistan Economic Corridor projects.
“Reports on rising auto sales, record production in cement industry, upbeat data on cement sales and higher urea sales for November 2016 played a catalytic role in record close,” he added.
Dealers said equities rallied to close the week at a fresh all-time high on across-the-board buying. Soon after the opening bell, KSE-100 shares Index was pushed up by gains in Lucky Cement – up 5.0 percent - as the stock maintained its winning streak for the second straight day after the company unveiled its ambitious investment plans a day earlier.
All major sectors including cements, financials and E&Ps garnered interest from local investors and contributed to day's gains, while small and mid caps dominated the volumes table on retail-driven activity.
Khurram Schehzad at JS Global said KSE-100 index has yielded a year-to-date return of a massive 37 percent. “The return has been phenomenal despite massive foreign selling observed during the year so far, where the locals absorbed which is a good sign as foreign selling used to affect market negatively in earlier years.”
Schehzad said Pakistan was expected to receive significant foreign inflows ahead, particularly due to regaining the Emerging Markets status in May 2017. Companies posting highest gains include Wyeth Pakistan, up Rs235.55 to close at Rs4946.62/share and Bata Pakistan, up Rs214.33 to close at Rs4543/share.
Companies posting major losses include Phillip Morris Pakistan, down Rs69.95 to end at Rs2230/share and Khyber Tobacco, down Rs60 to end at Rs1140/share.
Highest volumes were witnessed in Aisha Steel Mill with a turnover of 41.736 million shares. The scrip gained 54 paisas to close at Rs16.01/share. Bank of Punjab was second with a turnover of 33.258 million shares. It gained 54 paisas to end at Rs17.72/share. Fauji Cement was third with a turnover of 18.966 million shares. It gained 33 paisas to finish at Rs42.10/share.