KSE 100-index tests new highs




Pakistan Stock Exchange (PSX) benchmark KSE 100 index gained 55.72 points or 0.14 per cent to close at 39,861.60.

The banking sector remained the strongest on the day while the energy & power sector saw a downward pressure after earnings in Oil Marketing Companies dropped by one per cent on a year-on-year basis in the fourth quarter of the current financial year. Only one company in the automobile sector closed in the green while the cement sector closed on a mixed note despite Wednesday’s good performance.

United Bank Limited (+3.89%) and Habib Bank Limited (+0.35%) led the sector by contributing 77 points and 33 points to the 100 index respectively. In the Energy & Power (E&P) sector, K-Electric Limited was the volume leader with 110 million shares traded for the 100 index which was more than the total turnover of 107 million shares for the 100 index the previous day. Pakistan Petroleum Limited (+1.26%) closed in the green after reporting start-up and commissioning of second gas processing facility while Mari Petroleum Company Limited (-1.34%) closed in the red. Among the automobile companies, Honda Atlas Cars Pakistan Limited (+2.39%) closed in the green on the back of improved car sales in July on a month-on-month basis while Ghandhara Nissan Limited hit the upper circuit after reporting phenomenal growth in July numbers. In the Cement sector, D.G. Khan Cement Company Limited (-0.73%) and Lucky Cement Corporation (-0.48%) closed in the red while Kohat Cement Company Limited (+1.81%) and Fauji Cement Company Limited (+0.23%) closed in the green.

“Hovering well above its 10EMA (39,485) and at new all-time high on closing basis, the 100 index is expected to make an attempt towards testing its all-time intraday high of 39,917.13,” said Intermarket Securities.

The total volume of shares traded was 185 million while the total value of shares traded was Rs 9.453 billion.