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July 23, 2019

Stocks inch up, all eyes on Pakistan-US talks

Business

July 23, 2019

Stocks inched up on Monday ahead of Prime Minister Imran Khan’s meeting with US President Donald Trump, with earning season provided some relief to investors, dealers said.

They added that buying was also seen in patches in selected scrips on attractive valuations after last week dip in the share prices. Pakistan Stock Exchange (PSX) benchmark KSE-100 shares index gained 0.39 percent or 125.78 points to close at 32,584.55 points. KSE-30 shares index followed suit with the index closed 0.53 percent or 81.84 points up to 15,477.43 points.

Of 312 active scrips, 151 moved up, 138 retreated, and 23 remained unchanged. The ready market volumes stood at 44.702 million shares, as compared with the turnover of 121.556 billion shares in the previous session.

“The benchmark index witnessed a slight recovery as investors are also keenly waiting for outcome of PM Imran Khan and US President Donald Trump meeting which might lead to improved economic/diplomatic relationship between Pakistan and USA in near future,” Topline Securities said in a post market note.

Dealers said mostly investors remained on sideline and the trend was mixed because of the roller-over week. Earning season led by selected auto, oil and banking scrips on strong valuations supported the index.

They said market opened on a positive note and made a high of 32,735 points, while selling erupted on back of continuous political happenings. But the market before the close of business closed on a positive on expectation that the visit of PM to the USA might help bridge gap with the super power.

Also PM Khan inviting Pakistanis living in the USA to make investment in the country also proved healthy development for the investors.

Salman Ahmad, head of institutional sales at Aba Ali Habib said some ray of hope lightened over the PM Khan visit to the USA and meeting with President Trump. “Outcome of the meeting would decide fate of future market as investors pinned hope of some positive outcome from the parleys,” Salman added.

Going ahead, investor's will keep an eye on upcoming PIB auction due on Wednesday for any policy indication on interest rates which can set direction of market.

A leading analyst said overall sentiment was dull as there was nothing to cheer about on the economic side as the new fiscal year started with lot of tough target to achieve. “The revenue collection of last fiscal year missed by more than Rs 350 billion and target of Rs 5,500 billion would be difficult to task to attend,” he said.

The highest gainers were Indus Motor Company, up Rs13.72 to close at Rs1081.60/share, and Pakistan Oilfields, up Rs8.76 to finish at Rs389.69/share.

Companies that booked highest losses were Murree Brewery, down Rs24.89 to close at Rs725.11/share, and Indus Dyeing down Rs21.51 to close at Rs470.00/share.

Maple Leaf recorded the highest volumes with a turnover of 4.419 million shares. The scrip lost Rs0.57 to close at Rs19.21/share.

The lowest volumes were witnessed in Lotte Chemical recording a turnover of 1.228 million shares, whereas the scrip lost Rs0.05 to end at Rs16.35/share.

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