close
Thursday March 28, 2024

Stocks inch up on hopes for better foreign inflows

By our correspondents
September 16, 2017

Stocks inched up Friday on reported institutional interest blue chip shares on hopes of better foreign portfolio investments given FTSE rebal, dealers said.   

Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed higher on institutional interest in selected scrips amid expectations on renewed foreign inflows after FTSE Global Equity Index Series Asia Pacific announcement inclusion of Pakistan stocks in its semiannual review.

 “Strong cement sales, oil sales, fertiliser sales and reports of rising textile exports and surging remittances played a catalytic role in higher close.” The Pakistan Stock Exchange (PSX) benchmark KSE-100 shares gained 0.24 percent or 103.62 points to close at 42,787.19 points. KSE-30 shares index gained 0.2 percent or 43.38 points to close at 21,979.58 points. As many as 383 scrips were active of which 133 advanced, 231 declined and 19 remained unchanged.

The ready market volumes stood at 200.089 million shares as compared with the turnover of 217.124 million shares a day earlier. Dealers said uncertainty, however, remained due to concerns over record trade deficit and volatile global equities amid North Korea missile test.

Oil & gas sector remained in limelight as Pakistan Petroleum (PPL) and Oil Gas Development (OGDC) posted their yearly results in line with market expectations. PPL closed 0.4 percent down while OGDC closed 1.1 percent down. On the other hand Mari Petroleum (MARI) surged 1.96 percent and Pakistan Oilfields (POL) gained 1.17 percent.

Out of the five additions to the FTSE index series, MCB Bank witnessed profit-taking as the scrip closed 2.66 percent down, Bank Al-Habib (BAHL) surged 4.7 percent, Sui Northern Gas (SNGP) down 3.1 percent, Thal Limited (THALL) down 2.76 percent and Millat Tractors (MTL) closed 3.38 percent down.

Adnan Sami at Topline Securities said last FTSE rebalancing saw gross aggregate flows of $142 million. “Going forward we may see heightened volatility as FTSE followers rebalance portfolios.”

Companies reflecting highest gains include Unilever Foods up Rs172 to close at Rs6,450/share and Island Textile up Rs44.51 to close at Rs982/share. Companies reflecting most losses include Nestle Pakistan down Rs127.33 to close at Rs12,350/share and Sapphire Textile down Rs102.49 to end at Rs1,947.41/share.

Highest volumes were witnessed in Dost Steel with a turnover of 16.26 million shares. The scrip gained Rs1.0 to close at Rs12.11/share. TRG Pakistan was second with a turnover of 10.343 million shares. It gained 40 paisas to close at Rs38.63/share. Bank Al-Falah was third with a turnover of 9.66 million shares. It shed 70 paisas to finish at Rs41.4.