Stocks inch up in lacklustre trade

Stocks edged up on Tuesday, as investors expect listed firms, especially cement and energy companies, to post solid results in the third quarter, while risk appetites also improved on easing political tension in the country, dealers said.

They added that the market ended in green as several financial institutions including mutual funds made a bee-line and lifted choice scrips which hold promise of good returns.

Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index rose 0.26 percent or 119.49 points to close at 45,801.73 points.

KSE-30 shares index gained 0.01 percent or 2.86 points to close at 22,770.33 points.

As many as 365 scrips were active of which 187 advanced and 157 declined, whereas 21 remained unchanged.

The ready market volumes stood at 147.46 million shares as compared with the turnover of 144.84 million shares a day earlier.

Analysts said previous day decline in share value prompted fresh buying in selected scrip especially in cement, auto and oil sectors.

“It was another lackluster day, however the market later recovered as buying interest was seen across the board amid thin volumes,” said analyst Nauman Khan of Foundation Securities.

Dealers said politics would remain the overarching theme, but in the near term budget related news flow and progress on the amnesty scheme would determine the market momentum.

Oil and gas were up after the slight rise in crude oil prices while twin-Sui’s were up on recent reports that they both have asked Oil and Gas Regulatory Authority to increase gas tariff from July to meet the capital expenditures.

Chemical sector continue to draw major volumes with EPCL and LOTCHEM amongst the top three volume leader.

Cement sector added 51 points to the index followed by chemicals 29 points and pharmaceuticals 23 points.

Companies with the highest gains included Colgate Palmolive, up Rs150.99 to close at Rs 3,184.99/share, and Nestle Pakistan, up Rs 89.00 to close at Rs 12,600.00/share.

Companies with the most losses were Island Textile, down Rs 45.00 to close at Rs 855.00/share and Indus Dyeing, down Rs 26.06 to close at Rs 495.37/share.

Highest volumes were witnessed in Engro Polymer with a turnover of 12.86 million shares.

The scrip gained Rs 1.04 to close at Rs 39.41/share. Lowest volumes were witnessed Unity Foods Ltd with a turnover of 10.61 million shares. The scrip loss 18 paisas to close at Rs 27.83/share.