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Roundup: PSX surges 0.7 pct as attractive pharma valuations lure buyers

Xinhua, February 8, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) resumed action after a long weekend on Monday and attractive valuations in pharmaceutical sector tempted investors to go for a compulsive buying which resulted in 11th straight bullish session.

The Pakistan Stock Exchange's (PSX) benchmark KSE 100-Index jumped by 0.7 percent or 227.24 points to 32,706.22 points on Monday when compared with 32,478.98 points recorded on Thursday. During the 11-day bullish streak, the main index has collected 1,954.42 points.

The KSE All Share Index inflated by 0.55 percent or 124.27 points to 22,752.10 points, the KSE 30-Index jacked up by 0.58 percent or 111.21 points to 19,124.11 points, the KMI 30-Index swelled by 0.31 percent or 171.88 points to 55,465.77 points, whereas the Islamic All Share Index elevated by 0.36 percent or 55.34 points to 15,429.95 points.

During Monday's trading session, the main index moved in a narrow range of 389.32 points to hit an intraday high of 32,851.23 points as against an intraday low of 32,461.91 points.

Investors took positions in pharmaceutical stocks on attractive valuation as Abbot Laboratories (ABOT), Ferozsons Laboratories (FEROZ), and Searle Pakistan (SEARLE) closed up 1.79 percent, 0.79 percent and 4.69 percent, respectively.

Engro Fertizlier (EFERT) ended flat after announcing earnings of 11.28 rupees per share with final cash dividend of 3 rupees which was in line with expectation.

Market volumes improved by 0.66 percent or 993,770 shares to 152.174 million shares on Monday when compared with 151.180 million shares posted on Thursday.

Market capitalization increased by 0.65 percent or 44.797 billion rupees (439.193 million U.S. dollars) to 6.904 trillion rupees (67.691 billion dollars) while trade value decreased by 7.62 percent or 718.132 million rupees (7.04 million dollars) to 8.702 billion rupees (85.32 million dollars).

Among 344 active scrips on Monday, prices of 170 issues advanced, 152 declined, whereas values of 22 other companies stayed unchanged.

Engro Fertilizer, TRG Pakistan Limited and Pace Pakistan Limited were the top traded companies with turnovers of 9.439 million shares, 7.177 million shares and 6.904 million shares, respectively.

Nestle Pakistan was the top price gainer with increment of 250 rupees (2.45 dollars) to 7,500 rupees (73.52 dollars) while on the other hand Colgate Palmolive led the major price shedders with decrement of 20 rupees (19.61 cents) to 1,470 rupees (14.41 dollars). Endit