Pakistan stocks open the year on a high
KARACHI: Pakistan stocks opened the year on a positive note with 222 advancers and only 72 decliners. The benchmark KSE-100 managed to break the 33,000 mark after several attempts. Indexes remained in the green territory throughout the day with KSE-100 closing 1.24% up at 33,228.95. KMI 30 gained 1.87% to reach 56,662.16. KSE All Share managed to appreciate 1.11% and ended the week at 23,195.06.
Cement sector overshadowed all others. The sector constituted 30% of the total 124.07 million shares traded on Friday. After the prime minister inaugurated the western leg of China Pakistan Economic Corridor (CPEC), the optimistic investors accumulated cement stocks. Fauji Cement Company Limited (FCCL +3.33%) was highest traded. Pakcem Limited (PAKCEM +5.87%) and Maple Leaf Cement Factory (MLCF +4.99%) closed at the upper cap while Dera Ghazi Khan Cement (DGKC +4.78%) and Lucky Cement Limited (LUCK +4.98%) also hit upper cap intra-day.
Rally was witnessed in the textile composite sector after the finance minister on Thursday directed Sui Northern Gas Pipelines Company Limited (SNGP +4.00%) to resume 60 MMCFD LNG supply to Punjab based mills. Gas will be supplied at the cost of $9 per MMBTU against the industry demand of $8.5 per MMBTU on four hours a day basis. Majority of the key players including Nishat Mills Limited (NML +5.00%), Nishat Chunian Limited (NCL +5.00%) and Gul Ahmed Textile Mills (GATM +4.99%) hit the upper cap.
Contrary to the market trend, only minor increases were seen in the oil and gas exploration sector. Oil and Gas Development Company (OGDC) was up only 0.26%, Mari Petroleum Limited (MARI) edged up 0.12%, Pakistan Petroleum Limited (PPL) inched up +0.98% and Pakistan Oilfields Limited (POL) was up +0.37%.
Cresent Star Insurance Limited (CSIL +0.15%) in a letter to the exchange announced the launching ceremony of its deal with Frontier Works Organisation (FWO) on January 15, 2016. The deal is likely to generate revenue of Rs 300 million per annum by covering motor insurance of approximately 67,000 vehicles per day. Share price had already adjusted for the news hence no major change was observed.
Attock Refinery Limited (ATRL) rose 3.13% after setting up of 110KW solar power system in its office.
The system is likely to reduce energy costs of around Pkr 2.7million at current rates of electricity.