KARACHI: Pakistan equities closed Wednesday on a positive note with benchmark KSE100 Index settling at 46,486 points levels, after making an intraday high of +283 points against an intraday low of -4 points.
On the economic front, remittances clocked in 5 percent year-on-year (YoY) and 22 percent month-on-month (MoM) higher at US$ 1.77 billion during March-2018; rising by 4 percent YoY to US$14.61 billion in nine months FY18.
Wednesday’s major heavyweights namely, Habib Bank Limited (HBL) losing 0.19 percent, United Bank Limited (UBL) losing 1.91 percent, Lucky Cement 0.16 percent, Engro Corporation 0.57 percent and Pakistan Oil Fields (POL) losing 1.07 percent cumulatively contributed -78 points.
Moreover, traded volumes surged by 29 percent day-on-day (DoD) to 284 million shares while value traded increased to US$97 million. Top volume stocks were AGL (+12.75%), LOTCHEM (+1.89%), ANL (+4.35%), EPCL (-1.59%) and SSGC (+3.06%).
In the Exploration and Production (E&P) sector, Pakistan Petroleum Limited (PPL) with 0.61 percent gain and Oil and Gas Development Company (OGDC) with 0.45 percent gain closed in the green as the international oil prices held near its highest in nearly three years supported by political tension in the Middle East. However, other key sectors including Financials and Cements saw a mixed trend where UBL (-1.91%), HBL (-0.19%) from the banking sector, and FCCL (-2.54%), DGKC (-1.22%), LUCK (-0.16%) from the Cement sector closed in the red.
“We expect overall activity to remain volatile and under pressure in the coming sessions with flows from Foreigners and Local institutions guiding the market direction”, said an analyst, Maaz Mulla.
In all, over 284 million shares worth Rs11.3 billion were traded at the exchange. Of the 377 traded scrips, 211 advanced, 151 declined and 15 remained unchanged.