The KSE 100-index could muster nominal 14 points on Wednesday as investors preferred booking profit for the second consecutive day while benchmark closed the day at 8,058 points.
The KSE sustained a decent surge during the session mainly due to positive activity in main board banking stocks, confirmation of MCB-RBS transaction and whispers of consistency in earnings likely to be announced by NBP.
Besides the banking stocks, cement, textile and oil & gas exploration stocks witnessed stock swapping, wherein the stocks trading at higher multiples were switched with those trading at comparatively low multiples, thus having a neutral to positive impact on the index, besides providing trading opportunities to the market men as reflected by decent turnover. “Rise in dollar reserve of the country due to release of third tranche by IMF did allow the local currency to find stability. Besides actions being undertaken by the authorities to reduce creation of artificial demand of dollar is likely to divert local liquidity to available liquid investment modes”, stated research analyst Hasnain Asghar Ali.
Moreover, limited interest of state run funds provided support to the market throughout the session.
Sell-off initiated after nil dividend announced by PSO was duly neutralised as the textile stocks, after reiteration of aggressive textile export target of $25 billion witnessed renewed buying interest, with big announcements coming, mixed to negative reaction is expected from at par or below expectation announcements.
The benchmark 100-index share kicked-off the day with green numbers, adding 27.46 points and index witnessed intraday high of 8,135.36 points on Wednesday. Later index closed the day at 8,058.46 points with a gain of 13.96 points.
Trading activity was further increased to 218.108 million shares as compared to last trading session’s 200.809 million shares. Total trading value of the stock exchange decreased to Rs 10.448b from Rs 13.299b of last session.
The KSE sustained a decent surge during the session mainly due to positive activity in main board banking stocks, confirmation of MCB-RBS transaction and whispers of consistency in earnings likely to be announced by NBP.
Besides the banking stocks, cement, textile and oil & gas exploration stocks witnessed stock swapping, wherein the stocks trading at higher multiples were switched with those trading at comparatively low multiples, thus having a neutral to positive impact on the index, besides providing trading opportunities to the market men as reflected by decent turnover. “Rise in dollar reserve of the country due to release of third tranche by IMF did allow the local currency to find stability. Besides actions being undertaken by the authorities to reduce creation of artificial demand of dollar is likely to divert local liquidity to available liquid investment modes”, stated research analyst Hasnain Asghar Ali.
Moreover, limited interest of state run funds provided support to the market throughout the session.
Sell-off initiated after nil dividend announced by PSO was duly neutralised as the textile stocks, after reiteration of aggressive textile export target of $25 billion witnessed renewed buying interest, with big announcements coming, mixed to negative reaction is expected from at par or below expectation announcements.
The benchmark 100-index share kicked-off the day with green numbers, adding 27.46 points and index witnessed intraday high of 8,135.36 points on Wednesday. Later index closed the day at 8,058.46 points with a gain of 13.96 points.
Trading activity was further increased to 218.108 million shares as compared to last trading session’s 200.809 million shares. Total trading value of the stock exchange decreased to Rs 10.448b from Rs 13.299b of last session.
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