Relief package anticipation keeps market bullish

KSE-100 Index sees another bullish day closing higher by 530 points

Ghulam Raza Rajani

KARACHI: Market carriedon from where it left the previous day observing another bullish session. An overall positivity was seen as more than 70 per cent of scrips trade in green zone. Clarity in legal issues of ex prime minister seems a foot towards political stability and this would do wonder for market. Expected funds to be announced by government also assisted market to end the week on a high.
The benchmark KSE-100 index closed higher by 529.82 point to close at 42,087.89 points. KSE All Share Index increased by 283.62 to end at 29,877.78, KSE 30-Index improved by 304.33 points to conclude at 21,416.69, whereas KMI 30-Index up by 1,083.88 points to finish the day at 71,902.62 levels.
Ali Raza at Elixir Securities said Pakistan equities closed Pakistan Equities finished Friday strong with benchmark KSE100 Index adding on yesterday gains to close over 42K level, up 1.2%. Activity in wider market remained upbeat as recent progress and some clarity on legal issues faced by former Prime Minister and expectations of a relief package for the market, helped rebuild investors' confidence. Although, morning session saw somewhat limited activity and range bound trading where most volumes went through in small and mid cap plays, however from the onset of afternoon session, KSE100 Index saw a sharp climb upward helped by gains in blue chips across major sectors on reported local buying. On results front, Habib Bank HBL PA +1.3% recorded loss in the quarter as the result was largely inline with market expectations post fine on bank's NY branch by the US regulator. We see market inching up next week with sectors and stocks tracking institutional flows and earnings announcements. However, investors will remain sensitive to data of foreigner's trading as any large outflow at highs from them can halt current momentum.
The advance to decline ratio in the broader market remained in favour of bulls. Out of 386 scrips, 270 scrips advanced, 99 declined while the value of 17 scrips remained intact.
The ready market volume increased by 12.52 per cent to 261.23 million shares as compared to 232.17 million shares traded on last trading day.
Engro Polymer Limited topped the list of actives, higher by Rs 1.01 at Rs 36.99 on 20.72 million shares, followed by Azgard Nine Limited increased by Rs 1.00 at Rs 13.83 on 17.65 million shares and TRG Pakistan Limited improved by Rs 1.67 at Rs 36.39 on 15.90 million shares.
Other actives were Aisha Steel Mills Limited ascended by 0.56 at Rs 19.65 on 14.68 million shares and Dost Steels Limited enhanced by Rs 0.20 at Rs 13.53 on 14.15 million shares.
The overall market capitalization enhanced by Rs 79.55 billion to Rs 8.620 trillion against Rs 8.540 trillion observed on last trading day.
Colgate Palmolive Limited and Sanofi Aventis Limited the top gainer by Rs 75.00 and Rs 70.44 close at Rs 2,225.00 and Rs 1,623.81 respectively, while Nestle Pakistan Limited and Siemens Pakistan Limited were the major losers which lost Rs 145.37 and Rs 14.00 to close at Rs 12,425.00 and Rs 720.00 respectively.