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Pakistani stock index rises as political noise subsides

Xinhua, April 22, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) bucked a five-day bearish trend on Friday as investors welcomed the healthy financial results along with a rise in regional stock markets with Shanghai leading the way.

The Pakistan Stock Exchange's benchmark KSE 100-Index grew by 0.5 percent or 167.41 points to 33,739.54 points on Friday when compared with 33,572.13 points recorded on Thursday. During the week that ended on April 22, the main index slid by 27.58 points despite of four trading sessions ending in red territory.

The KSE All Share Index expanded by 0.63 percent or 146.20 points to 23,242.95 points, the KSE 30-Index swelled by 0.42 percent or 81.85 points to 19,538.04 points, the KMI 30-Index bolstered by 0.46 percent or 268.54 points to 59,231.29 points, whereas the KMI 30-Index surged by 0.84 percent or 133.72 points to 15,993.43 points.

During Friday's trading session, the key index moved in a narrow band of 276.82 points as it touched an intraday high of 33,848.64 points as against an intraday low of 33,571.82 points.

Corporate results along with reduced political noise drove the local bourse towards bullish momentum.

Dera Ghazi Khan Cement (DGKC) announced earnings per share of 5.2 rupees per share. Despite being in line with the street consensus, the scrip closed down by 1.1 percent.

Searle Pakistan (SEARLE) declined by 1.78 percent with the announcement of earnings per share of 14.16 for first nine months of the ongoing financial year (FY16).

Slightly above expectations result of 5.2 rupees per share was announced by Habib Bank Limited (HBL) with a cash dividend of 3.5 rupees per share as investors welcomed the news of the bank opening its operations in China. However, fear of decline in NII (Net Interest Income) in upcoming quarters led the stock to close 0.2 percent down.

Indus Motors (INDU) announced earnings of 37.56 rupees per share with cash dividend of 20 rupees per share which helped the stock to end up 0.4 percent.

Market volumes sank by 36.18 percent or 118.336 million shares to 208.731 million shares on Friday when compared with 327.068 million shares traded on Thursday. During the week under review, the top Pakistani bourse witnessed total volumes of 1.196 billion shares at average daily turnover of 239.331 million shares.

Market capitalization ballooned by 0.6 percent or 41.506 billion rupees (406.922 million U.S. dollars) to 6.992 trillion rupees (68.556 billion dollars) whereas trade value declined by 44.24 percent or 6.784 billion rupees (66.515 million dollars) to 8.55 billion rupees (83.832 million dollars).

Among 358 active scrips on Friday, prices of 208 issues advanced, 128 dropped, whereas values of 22 other companies stayed unchanged ahead of the weekend.

Japan Power, Sui Northern Gas Pipelines Limited, and Dewan Motors were the top traded companies with turnovers of 22.738 million shares, 17.473 million shares, and 17.447 million shares, respectively.

Nestle Pakistan XD was the top price gainer with increment of 216 rupees (2.11 dollars) to 7,436 rupees (72.90 dollars) while on the flip side Colgate Palmolive led the major price shedders with decrement of 39 rupees (38.24 cents) to 1,461 rupees (14.32 dollars). Enditem