Bulls dominate as PSX shoots past 46,000
PSX took cue from the regional stock market, which remained upbeat in their respective sessions.
KARACHI (Dunya News) – Pakistan Stock Exchange continued positive rally with index closing above 46,000 points on vibes from the Federal Capital that ruling party to getting an edge in Senate Polls, dealers said.
Muhammad Abdur Rafay, research analyst at Pearl Securities said that the benchmark index remained in green territory during the day amid swift ongoing polling for senate election, where both ruling and opposition parties are optimistic to be on the victory stand.
PSX took cue from the regional stock market, which remained upbeat in their respective sessions.
Going forward, "we expect the market to react in line with the election result, therefore we suggest our investors to go for the “Sell on Strength” strategy in the ongoing week" Abdur Rafay said.
"Investors remained bullish in the stock market where we have noticed significant improvement in sentiments of Cement and OMCs sectors", said Muhammad Saeed Khalid, head of research at Shajar Capital.
We have witnessed higher volumatric activity in the OMCs and Cement stocks mainly on the higher sales volume for the 8MFY21.
Further, despite appreciation in USDPKR in the interbank market, we have noticed significant improvement in Textile industry returns where investors normally accumulated on higher profitability and high margins of the industry, Saeed Khalid said.
KSE 100 index nudged 196 points upwards to 46,160 with Rs 23 bilkion traded today.
A.A.Soomro, managing director at KASB Securities said tgat Senate election should guide the market for tomorrow & short term if PTI & allies secure the expected seats & most importantly, Hafeez Shaikh wins the seat against Yousuf Raza Gillani.
Investors seemed to be convinced on construction led growth & expected refinery policy to boost profitability on new expansions, Soomro said.
In contrast, UBL (-2%), HBL (-2%) & BIPL (7%) closed negatively. Bank Islamic announced results that did not meet market expectations despite strong valuations.
Details by Harris Zamir
