KMI to stay positive ahead of results

KMI

KARACHI: Defying all odds prevailing in global indices, the local bourse outperformed on Monday and cheaper prices of stocks attracted investors to lead buying spree.

Two major companies of oil sector, PSO and PPL are scheduled to announce their financial results today, which could entice investors towards these scrips in quest of dividend payout. Oil and fertilizer sectors are once again expected to remain in limelight today.

The KMI-30 share index climbed up by 187.12 points on first day of the week, to close at 20,151.89 points as against 19,964.77 points, the closing figure of the last trading session.

Halal index witnessed traded volumes of Rs 35.879 million shares on Monday as compared to 42.329 million shares traded in the last session. The market regained as investors started accumulating shares at lower levels.

Market remained positive on Monday as local investors were more interested in the stocks which have growth and high yield. Availability of blue-chip stocks at attractive price levels attracted investors to participate which let the market to close in green zone.

Market had a technical rebound after losing fair bit of its value on Friday. Fertilizer companies of the Fauji group remained buoyant despite the hike in gas tariffs. It seems that investors had already anticipated the hike which was anticipated.

Yesterday, once again foreign investors remained net seller of Rs. 118.5 million, according to the data maintained by National Clearing Company of Pakistan Limited.

PTCLA stood as the volume leader among Halal stocks with 7.309 million shares traded; the script did not change and finish the day at Rs 10.57. It was followed by Lotte Pak PTA (LOTPTA) with 7.146 million shares traded; the scrip gained Rs 0.04 in value to close at Rs 10.73 after opening at Rs 10.69. Fauji Fertilizer Bin Qasim Limited (FFBL) recorded trade of 3.532 million shares; up by Rs 0.94 to end at Rs 46.08.

Among the Halal Stocks, Unilever Pakistan recorded highest price surge as it gained Rs 282.96 to close at Rs 5,942.35 per share. On the other hand, Indus Dyeing lost the most in value as it shed Rs 17.02 in value to end at Rs 323.44.