Karachi, September 13, 2018 (PPI-OT): Closing Bell – Revival in Institutional Interest
Pakistan Equities gained on Thursday with benchmark KSE100 Index settling above 41,000 level, up 1.3% DoD. Market witnessed impressive recovery amid aggressive value buying in Cements, Oils and Chemicals. Maple Leaf Cement MLCF PA -0.2% clocked impressive volumes of around 22mn shares on reported crossings between institutional investors around PKR51 levels. This was followed by strong buying in Lucky Cement LUCK PA +2.6%, DG Khan Cement DGKC PA +3.9% and Pioneer Cement PIOC PA +5.0%. Investor interest and activity was also on the higher side in Oil and Exploration Sector which contributed 80 points to the gains in KSE100 Index, driven by continued gains in global crude oil prices (which have now neared 2014 levels).
In stock specific news, Tariq Glass Limited TGL PA +2.9% informed the Exchange about the earth breaking ceremony of their Float Glass Plant (Unit-2). Expect settlement data to be released in the evening today to show foreign outflows from the Cement Sector. If other sectors also show aggressive selling by foreigners then that may spoil the new found joy in the market.