KARACHI

The KSE benchmark 100-Index on Friday experienced volatility to close at 34,444 points, up marginally by 0.1pc. Cement sector dominated the index as MLCF, CHCC and KOHC reached their upper circuits at Rs52.61, Rs85.45 and Rs212.10 respectively and DGKC and FECTC ended 3.8pc and 3.4pc higher. FFC experienced profit-taking as the company failed to announce any bonus to its investors.

High volumes of trade were witnessed in EFERT as investors anticipated earnings increase due to the gas allowance from MARI. PAEL continued its northward journey ending at its upper-cap and dominating the market as volume leader owing to the interest rate cut, analyst at JS Global observed.

Stocks closed higher in the earnings announcement session at KSE led by cement and fertilizer scrips on strong valuations. Oil stocks fell amid falling international oil prices. Falling fuel costs and coal prices played a catalyst role in bullish sentiments in cement sector despite intra day pressure after terror explosion in Sindh, stated analyst Ahsan Mehanti.

Volume traded in the market was 348.78b shares and value Rs23.64b. Of total active companies in session 171 were advancer, 161 were decliners while 20 went unchanged.

Fauji Fert Bin was volume leader in market with 22.45m shares and price per share Rs52.24, followed by Fauji Cement with 22.34m shares and price per share Rs30.33, Pak Elektron with 21.04m shares and price per share Rs52.98 and Engro Fertilizer Ltd with 20.45m shares and price per share Rs85.27 were spotlight in market. Analyst said Pakistan equity markets cheered State Bank of Pakistan’s (SBP) cut of 100bps in discount rate, as the benchmark KSE-100 closed the week up 1.2pc WoW at 34,444 points. However, average trading volumes declined by 1.3pc WoW to 298m shares/day due to deteriorating law and order in the city, while net foreign buying clocked in at $3.3m vs. last week’s net buying of $1.7m.  The highly leveraged cement up 4.5pc WoW and EFERT higher by 7.2pc WoW remained in the limelight given the cut in the discount rate. Heavy-weight Oil and Gas sector plunged by 2.8pc WoW was a key laggard during the outgoing week due to below-than-expected earnings announcements. Other key highlights of the week were Government approving upfront tariff for Thar coal-fired projects, Minister confirming first shipment of LNG to arrive on March 31st, KSE mulling easing cap on shares trade and K-Electric (KEL) signing accord with China’s CMEC to setup 700MW coal-fired power project.