Pak­istan stock re­mains bullish

The Pak Banker - - FRONT PAGE - Staff Reporter

The bench­mark KSE-100 in­dex gained 82 points to reach 31,361 points in eight straight pos­i­tive ses­sion on Tues­day with fi­nan­cial sec­tor mainly banks led mar­ket's trad­ing.

The mar­ket trad­ing up by $70 mil­lion with trad­ing vol­ume recorded 107 mil­lion. Habib Bank HBL PA +2.31% and United Bank UBL PA +1.41% at­tracted fresh flows while Na­tional Bank NBP PA +2.95% hit se­cond con­sec­u­tive up­per price limit in­tra­day.

Stocks opened pos­i­tive and traded higher on in­sti­tu­tional and retail buy­ing how­ever most names wit­nessed profit tak­ing dur­ing se­cond half to end the day with trimmed gains. Oils were volatile as they tracked cor­rec­tion in global crude while re­ports of for­eign sell­ing in Oil & Gas did rounds with stock trad­ing high­est vol­umes in last thir­teen ses­sions. Fer­til­iz­ers also tested nerves as re­ports of re­duc­tion in Urea prices dragged stocks to close lower, while ce­ments inched up on ex­cite­ment over earn­ings and on re­cent sales data sug­gest­ing promis­ing lo­cal de­mand. We see volatile mar­ket trad­ing in a nar­row range while earn­ings an­nounce­ments and flows will set the tone in ab­sence of any ma­jor trig­ger dur­ing this short work week.

Ear­lier on Mon­day stocks staged grand rally on as the KSE-100 in­dex jumped 579.55 points to close at 31,878.15. The in­vestors' sen­ti­ments were fu­elled by the pos­i­tiv­ity creep­ing into the bank­ing and oil sec­tors. The gains on Mon­day marked the sev­enth straight day of pos­i­tive close.

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