Market watch: KSE-100 climbs 588 points, crosses 43,000

KARACHI: Stocks witnessed another bullish run on Monday, as the KSE-100 Index rose 588.13 points or 1.38% to surpass the 43,000 barrier to close positive for the 13th successive trading session.

The index shot up from the word go, with investors continuing to remain bullish in stocks across the board. KSE-100 surged 730 points at one point to hit a high of 43,256.57, before profit-taking trimmed some of the intra-day gains.

At close on Monday, the KSE-100 Index ended with an increase of 588.13 points or 1.38% to finish at 43,112.12.

Elixir Securities’ analyst Ali Raza said Pakistan equities continued the winning streak after another strong run on Monday.

“The market opened on a strong note and built on gains as the day progressed aided by strong institutional flows,” Raza commented.

Weekly review: KSE-100 marches up 5.1% in 2018’s first week

Initial gains were led by listed gas utilities, Sui Northern Gas Company (SNGP PA +5%) and Sui Southern Gas Company (SSGC PA +5%), as investors cheered news of third LNG pipeline approval by the government.

Crescent Steel (CSAP PA +5%) that enjoys monopoly in making steel pipes used for gas and oil transmission also rallied on the aforementioned development. Fertilisers were under the limelight on expected new fertiliser policy that will benefit the industry; Fauji Fertilizers (FFC PA +5%) and Fauji Fertilizer Bin Qasim (FFBL PA +5%) closed on the upper limit.

Financials closed higher with index heavy Habib Bank (HBL PA +3.3%) and United Bank (UBL PA +2.2%) leading gains on heavy buying interest. Cements, however, witnessed profit-taking with Fauji Cement (FCCL PA -2.2%) landing itself among major laggards.

Market watch: KSE-100 gains 615.28 points to power past 42,500

“[We] see stock-wise consolidation at current levels, however, compelling valuations and fresh liquidity is expected to support bullish momentum in the near future,” the analyst added.

Overall, trading volume increased to 270 million shares, compared with Friday’s tally of 260.9 million.

Shares of 394 companies were traded. At the end of the day, 295 stocks closed higher, 78 declined while 21 remained unchanged. The value of shares traded during the day was Rs11.5 billion.

WorldCall Telecom was the volume leader with 35.3 million shares, gaining Rs0.21 to close at Rs3.17. It was followed by Azgard Nine with 15.6 million shares, gaining Rs0.91 to close at Rs15.36 and Aisha Steel Mills with 12.9 million shares, gaining Rs0.94 to close at Rs19.84.

Benchmark KSE-100 Index rises 57.40 points to settle at 41,544.27

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