KARACHI
Despite pressure on the global front due to Greece referendum, Pakistan’s market closed in a positive zone on Monday. The KSE-100 index closed at its all time high of 35,502.28 points level, up by 45.93 points or up 0.13pc.
The market remained range-bound through most part of the day’s trade, ending up marginally by 46 points or 0.1pc. As strong MoM cement numbers are recorded, cement stocks continue to rally with FCCL, KOHC, LUCK, LPCL and PIOC ending 1.9pc, 5pc, 3.5pc, 3.3pc and 1.2pc higher respectively.
BYCO continued its positive rally ending once again at its upper-circuit. Increase in KEL’s tariff by 20pc-80pc, translated into positive investor sentiment in the market as the scrip remained the volume leader, ending higher by 1.7pc. Sideboard scrips also remained in the limelight as TRG, PIAA, and TPL ended with strong volumes and higher by 3.2pc, 6.8pc and 5.9pc respectively. As global oil prices witnessed a further decline, Oil and Gas sector continued to remain under pressure as PSO, POL, PPL and OGDC ended down by 1.1pc, 2.6pc, 2.8pc and 1.9pc respectively. Banking scrips continue to remain under pressure on expectations of falling NIMs due to all-time low discount rate, commented analyst Umair Hasan.
Analyst Ahsan Mehanti stated, major fall in global crude oil prices led late session pressure in oil sector. Strong economic outlook, rising cement dispatches and reports for recovery in urea sales for Jun’15 invited investor interest in cement and fertilizer scrips amid concerns for higher tax levies in the banking sector under Finance Act 2015.
Traded volume increased by 1.6pc to 362m shares, while traded value increased by 16.8pc to Rs18.7b/ $183m.
Weak international market and global oil prices hit OGDC, PPL and POL which closed in the range of 1.85pc-2.88pc. KEL went up by 1.92pc after NEPRA’s announcement to increase power tariff. Cement and chemical stocks had major contribution in KSE-100 index. As a result, LUCK, Engro and FCCL rallied 3.76pc, 4.22pc and 1.41pc respectively, said a sales desk report of Topline brokerage.
