KARACHI: The stock market received some respite in Thursday’s trading session with heavy buying in the latter half of the day, which resulted in an increase of over 800 points in the benchmark index.

Several factors including a decisive movement on the political front due to ex-prime minister Nawaz Sharif’s indictment on corruption charges and announcement of above-average financial results by notable index names generated the positive momentum.

Cement, fertiliser and oil exploration and production companies attracted considerable investor interest during the day.

At close, the benchmark KSE 100-share Index registered an increase of 824.62 points or 2.02% to finish at 41,558.07 points.

Elixir Securities, in its report, stated Pakistan equities closed higher as buying in late trading pushed the KSE-100 index up by over 800 points or 2.1%.

“Activity in the wider market recorded a considerable surge as investors likely welcomed an accountability court’s decision of indicting ex-prime minister Nawaz Sharif and his family on corruption charges,” the report said.

Market watch: Late buying helps bourse recover from early blows

Shares worth $109 million changed hands on the KSE-All-share Index, up 65% from the current month’s average.

Cement stocks remained on investors’ radar with notable names including DG Khan Cement (DGKC, +4.8%), Lucky Cement (+4.3%) and Maple Leaf Cement (MLCF, +4.34) attracting decent flows. Other sectors notably fertiliser, oil and consumer goods also contributed to the day’s gains.

On the results front, United Bank’s (UBL, -0.4%) earnings and payout met expectations while Pakistan Oilfields’ (POL, -1.5%) earnings, which were announced after the market’s closure, were also in line with expectations.

Earnings of Attock Petroleum (APL, +3.2%), however, beat estimates on account of higher-than-expected inventory gains.

“We see this new-found momentum to continue in the near term with the benchmark KSE-100 index likely retesting previous highs over 42,000,” the report added.

JS Global analyst Maaz Mulla said bulls ruled the bourse, pushing the KSE-100 index up by 825 points to close at 41,558.
“The market witnessed recovery in today’s trading session as value investors availed themselves of the opportunity to buy stocks at attractive prices,” Mulla said.
Increase in heavyweight stocks including Engro (+4.55%), Pakistan Petroleum Limited (+2.74%), Habib Bank (+1.68%) and Pakistan State Oil (+3.77%) steered the market. Volumes stood at 232 million shares, the highest in more than a month, depicting a day-on-day increase of 68%. K-Electric (-0.16%) led the market as 30 million shares of the power company changed hands.
UBL (-0.42%) from the banking sector declared its 9M2017 results where the company posted earnings per share of Rs15.81 and declared an interim cash payout of Rs3 per share.
Fauji Fertilizer Bin Qasim also announced its 9M2017 results where the company posted earnings per share of Rs0.23.

Market watch: KSE-100 succumbs to profit-taking, sheds some value

The cement sector continued its rally where heavyweight stocks gained value. Major gainers of the sector were Lucky Cement (+4.29%), DGKC (+4.81%), Kohat Cement (+4.66%) and MLCF (+4.29%).
“The market is expected to recover in coming days; we recommend investors to trade in main board stocks and take long-term positions in the same to benefit from undervalued stocks,” he added.

Overall, trading volumes rose to 232 million shares compared with Wednesday’s tally of 138 million.

Shares of 384 companies were traded. At the end of the day, 301 stocks closed higher, 70 declined while 13 remained unchanged. The value of shares traded during the day was Rs11.5 billion.

K-Electric was the volume leader with 29.6 million shares, losing Rs0.01 to close at Rs6.09. It was followed by Engro Polymer with 18.9 million shares, gaining Rs1.65 to close at Rs35.98 and Dost Steel Mills with 14.15 million shares, gaining Rs1 to close at Rs13.33.

Foreign institutional investors were net sellers of Rs457 million during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.

The post Market watch: Stock market blossoms on positive investor sentiment appeared first on The Express Tribune.

Source: Tribune News | Market watch: Stock market blossoms on positive investor sentiment

Pakistan all-rounder Mohammad Hafeez, who is currently a part of the ODI squad leading the five-match series 3-0 against Sri Lanka, has been reported for a suspect bowling action once again.

Hafeez was reported during the third ODI, which Pakistan won by seven wickets courtesy Hasan Ali’s five-for and left-handed opener Imamul Haq’s century on debut.

“The match officials’ report, which was handed over to the Pakistan team management, cited concerns about the legality of the 37-year-old’s bowling action,” read an ICC press release.

The press release further said: “Hafeez’s bowling action will now be scrutinised further under the ICC Illegal Bowling Regulations. He is required to undergo testing within 14 days, and, during this period, Hafeez is permitted to continue bowling in international cricket until the results of the assessments are known.”

Hafeez was, for the first time in his career, suspended from bowling in December 2014 after his reports suggested that he had a bend of more than 15 degrees in his hand while delivering the ball.

He was permitted to resume bowling in April 2015 following an independent reassessment where his action was found to be legal.

Hafeez was suspended for a second time after an independent assessment revealed that he had employed an illegal bowling action after being reported in the Galle Test in June 2015. As this was his second suspension within 24 months of the initial suspension in December 2014, he was suspended from bowling in international cricket for 12 months from July 2015.

On 17 November 2016, Hafeez underwent reassessment of his bowling action at the National Cricket Centre in Brisbane and was allowed to resume bowling after his action was found to be legal.

The post Hafeez reported again for suspect bowling action appeared first on The Express Tribune.

Source: Tribune News | Hafeez reported again for suspect bowling action