Stock Watch - Stocks post solid gains of 1.1pc wow despite profit-taking.


The investors in stock market remained positive in February with number of developments on economic and political front. The start of the vaccination drive, continuous flow of healthy upcoming corporate results, signing of the government with the IPPs to clear overdue payments and failure of PDM to dislodge the Prime Minister on 31st January to resign, stocks hit intraday high of 47,339 and the keep on touching with 47,000 level during the week.

It was a short week of four days as PSX remained closed on Feb 5, being Kashmir Solidarity Day. KSE-100 Index gained 520 points to close at 46,905.79. The average volume declined to 555 million from 674 million previous week. The market capitalization increased by Rs.82 billion to close at Rs.480 trillion.

The market on Monday started on positive note soaring to intraday high of 377.10. However, heavy selling of $7.38m by foreigners saw the Index down by 137.09 points to close at 46,248.45. The volume of 694m shares was the highest of the week.

There was a rally of 331.89 points on Tuesday. The government has signed agreement with IPPs to clear overdue payment, which will open the door of circular debt of the oil and gas marketing companies. The Index closed at 46,580.34.

The bullishness on Wednesday continued due to rise in global stock and rising trends in oil prices and due to coronavirus vaccination drive was launched in the country. The Index gained 353.29 to close at 46,933.63.

The stocks was flat on last day of trading of the week on Thursday. The Index again test three-year high of 47,000 but closed down with losing of 27.84 points to 46,905.79.


On average shares of 432 companies were traded. Of these 200were gainers and 213 were losers and 19 remained unchanged. Foreigners were seller $2.74m, Banks were seller $0.65m; Mutual fund net buyer $1.97m, Company buyer $5.8m, Insurance seller $3.50m and Individual buyers $12.43 and seller $12.43m.

Volume leaders were: K-Electric Ltd 177m; Pak Refinery 174m; Hascol Petrol 131m; Pak Int.Bulk 101m; TRG Pak Ltd 60m; Telecad and Al-Shaheer and 1st Capital Security 20m each.


- Foreign exchange reserves of the SBP increased by $33 million to $13.20 billion during the week ended on Jan 29,2021. The total reserves were $20.163 billion.

- Ghandhara Nissan presented its Brownfield investment business plan to the tune of Rs.2.4 billion for launching passengers cars in Pakistan in collaboration with China's Cherry Group.


To continue reading

Request your trial