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Pakistan stocks up on hopes for economic situation

KARACHI: Pakistan stocks slightly moved upwards as investors remained hopeful for situation improvement after prime minister’s visit of China.

Analyst Ahsan Mehanti said stocks showed recovery as investors weigh upbeat data on auto sales, exports and home remittance in Oct’18.

However, “major fall in US equities and global crude prices invited mid-session pressure,” he said.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed higher 55.95 points or 0.14 percent to 41,152.28 points against 41,096.33 points recorded in the last session. The highest index of the day remained at 41,202.42 points while the lowest level of the day was recorded at 40,760.49 points.

KSE-30 Index, however, remained flat at 19,709.04 points.

Turnover decreased by one million shares to 177.16 million shares from 178.02 million shares. Trading value increased to Rs6.85 billion from Rs6.73 billion while market capital also remained flat at Rs8.19 trillion. Out of 362 companies’ active in the session, 159 closed in green, 179 in red while 24 remained unchanged.

“Investor speculations ahead of announcements on terms of IMF bailout package and schedule of financial assistance from China, UAE to ease external account crises played a catalyst role in bullish close at PSX,” Mehanti said.

Highest increase was recorded in shares of Island Textile XD, which rose Rs56 to Rs1,771 per share, followed by Pak Tobacco that increased Rs49.80 to Rs2,344.74 per share. Major decline was noted in shares of Jubilee Life Insurance, which fell Rs30.90 to Rs588.10 per share, followed by Khyber Tobacco that decreased Rs23.06 to Rs465.65 per share.

Significant turnover was recorded in stocks of Lotte Chemical XD, TRG Pak Ltd, Pak Int. Bulk, Bank of Punjab, Azgard Nine, PIAC (A), Fauji Foods Ltd, Siddiqsons Tin, Netsol Tech and Pak Elektron.

Shares’ turnover in the future contracts rose to 74.91 million shares from 59.46 million shares traded in the previous session.

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