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Business

March 21, 2017

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Stocks recover on higher spending proposals

Stocks recover on higher spending proposals

Pakistan stocks recovered on Monday, as investors took bets amid reports of higher development spending proposals for the upcoming fiscal year, dealers said.

“The stocks showed recovery amid thin trade led by selected steel, cement and oil stocks on pre-budget speculations,” said Ahsan Mehanti at Arif Habib Limited. “Government’s proposals on Rs700 billion federal development spending for 2017/18, higher global crude prices and foreign portfolio inflows played a catalytic role in bullish close.”

The KSE-100 shares index gained 0.60 percent, or 288.30 points, to close at 48,697.65 points. The KSE-30 shares index gained 0.60 percent, or 155 points, to end at 26,111.29 points. As many as 391 scrips were active, of which 233 advanced, 146 declined and 12 remained unchanged.

The ready market volumes stood at 134.748 million as compared to 212.866 million shares a day ago. Arham Ghous in a report issued by JS Global said the market opened on a positive note and followed its previous trend, as the index traded at intraday high of +348 points to finally close at 48,698 points level.

Pakistan Oilfields Limited (POL) down 1.79 percent closed in red, as international oil prices struggled near the lowest level since the end of November on rising US shale production.”  Pakistan Refinery Limited (PRL) up 4.92 percent closed near its upper cap. Overall rally was witnessed in the banking sector where big banks tossed the index to close in green. Habib Bank (HBL) surged 1.75 percent, National Bank of Pakistan (NBP) up 1.23 percent and MCB Bank up 0.95 percent were the top movers of the sector.

Sui Northern Gas Pipelines Limited (SNGPL) closed 0.84 percent higher than its last close on the back of news that the government is planning to seek fund allocations in the upcoming federal budget to finance new gas supply schemes.

Analysts expect positivity to continue following the current trajectory, while volatile market is likely with the flows primarily guiding the market direction. Companies reflecting highest gains included Wyeth Pakistan, up by Rs129.85 to end at Rs2726.97/share and Bata Pakistan, up Rs110 to end at Rs4,200/share.

Companies reflecting highest losses included Phillip Morris Pakistan, down Rs117.83 to Rs2,239.20/share and Rafhan Maize, down Rs50 to end at Rs7,600/share. Highest volumes were witnessed in K-Electric with a turnover of 12.318 million shares. The scrip shed 13 paisas to close at Rs9.03/share.

Aisha Steel Mill was second with a turnover of 10.383 million shares. It gained Rs1.05 to end at Rs23.36/share. Bank of Punjab was third with a turnover of 9.28 million shares. It gained 16 paisas to finish at Rs16.27/share.

 

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