KARACHI, March 4: The pre-MTS launching session in the share market on Friday was widely welcomed by the investors as they flooded the market with fresh buy stops followed by a loud whispering about the extension of the capital gains tax along with the leverage product for another year.
The benchmark added another 238.03 points or 2.02 per cent to the overnight total and confidentally settled well above its pre-reaction level of 12,000.03.
The rumour was linked to the visit of the finance minister who is due to announce the advent of the MTS on Saturday at the KSE to pull the bourse from the current impasse caused by various negative factors beyond the control of investors and the relevant authorities, analysts said.
An air of optimism prevailed in the trading hall as well as in corridors of the stock exchange as investors and brokers were in a mood to celebrate the launching of the much-delayed MTS for the ready section, some floor brokers said.
The official launching of the Margin Trading System (MTS), a new leverage product for the ready section by the finance minister on Saturday at the KSE kept the buying interest alive as investors were inclined to have an overview of the post-MTS launching market, analyst Hasnain Asghar Ali said.
“There are doubts in investor minds about the effectiveness of the new product in the prevailing political and regional situations amid fears that leading operators may exit after taking profits at the current highs”, he added.
But another leading analyst Ahsan Mehanti said the general view is that the new product would work effectively despite the fact that it may not solve all the problems being faced by the investors but some of the liq uidity problems may be addressed, in addition to minimising the negative fallout of snap bear onslaughts.
The pre-launch performance of the market, which has recovered more than 500 points or 4.5 per cent during the week after having fallen by over seven per cent a week earlier, reflects that sailing will be smooth aided partly by higher payouts and earning announcements by some of the leading companies in the banking, oil and fertilizer sectors, he added.
Prominent gainers were again led by Rafhan Maize and Unilever Pakistan, up by Rs107.56 and Rs91.62, while major losers were led by Nestle Pakistan and Bata Pakistan, off Rs55.92 and Rs15.29.
Turnover figure further rose to 187.492m shares from the previous 163m shares as gainers held a strong lead over the losers at 207 to 74, with 91 shares holding on to the last levels.
The active list was again led by Lotte Pakistan, up 97 paisa at Rs15.98 on 27m shares followed by Fauji Fertiliser Bin Qasim, firm by Rs1.45 at Rs42.69 on 16m shares, Bank Al-Falah easy by one paisa at Rs10 on 14m shares, National Bank, higher by Rs1.66 at Rs80.57 0n 12m shares, Azgard Nine, steady by 64 paisa at Rs9.53 on 8m shares, J.S. & Co, up 43 paisa at Rs9.75 on 7m shares, and TRG Pakistan, firm by 25 paisa at Rs3.47 on 6m shares.
They were followed by PTCL, up 26 paisa at Rs18.17 on 6m shares, Nishat Chunian, higher by Rs1.10 at Rs27.32 also on 6m shares and Fauji Fertiliser, sharply higher by Rs5.43 at Rs125.25 on 6m shares.
FUTURE CONTRACTS: National Bank remained in post-dividend demand and was quoted further higher by Rs2.03 at Rs80.90 on a large volume of 1.878m shares followed by Azgard Nine, steady by 70 paisa at Rs9.61 on 1.276m shares and Pakistan Oilfields, higher by Rs4.68 at Rs321.86 on 1.019m shares, higher by Rs8.67 at Rs189.02 on 0.949m shares and Fauji Fertiliser Bin Qasim, up Rs1.36 at Rs39.70 on
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