Stock market index tops 40,000-point mark

KARACHI – Pakistan Stock Exchange (PSX) witnessed slight positive sentiments on last trading day of November, with the KSE 100-index closing up by 337 points at 40,010 points.

Market witnessed recovery in yesterday’s trading session as the government made its fifth foray into the international bonds market during its current term, successfully raising another $2.5b through $1.5b of 10-yr Eurobonds and $1.0b of 5-yr Sukuks and as MSCI semiannual rebalancing took place. Local institutions took the opportunity to buy stocks at attractive prices, said dealer at JS Global.

Some of the major gainers for the day were UBL (up 4.14%), HBL (1.29%) and MCB (3.42%) that steered the market upward by 160 points to the index. On the flipside, KAPCO (down 1.52%) and SNGP (4.83%) were the major laggards.

Selling pressure was witnessed in ENGRO (up 0.31%) with more than 22m shares traded in the session. This pressure can be attributed to exclusion of the stock from large cap MSCI EM index and entrance to small cap. Local buyers took the opportunity to accumulate the stock on dips.

Overall rally was witnessed in the banking sector where big banks boosting the index to close in green. Selling pressure was witnessed in gas utilities where SNGP (down 4.83%) and SSGC (2.28%) closed in the red zone.

E&P sector gained to close (up 0.2%) higher than its previous day close where POL (up 1.31%) and PPL (0.07%) closed positive, market participants said.

Volumes further improved to 181m shares versus 115m shares traded in the previous session. TRG (up 2.54%) led the volumes with trade of more than 23m shares.

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