Full-day report: Stocks gain in pre-budget buying spree

Stocks made gains in the last trading session of the first week of May, with the benchmark KSE-100 Index rising 567.48 points (1.15pc) to close at 49,851.13.

Though the index managed to breach the 50,000 points barrier again today, it could not sustain the momentum, facing selling pressure at that point.

“Stocks closed bullish […] on institutional buying in the pre-budget rally at PSX,” said Arif Habib Corp’s Ahsan Mehanti.

“Pressure remained in oil stocks on a slump in global crude prices. Easing political noise, upbeat data on urea sales for April’17, record quarter-end corporate earnings in cement and banking stocks played a catalyst role in the higher close,” he added.

KSE-100 Index volumes rose to136.7 million shares, while values clocked in at Rs13.2 billion.

In all, 383 symbols were traded on the Pakistan Stock Exchange, of which 212 advanced, 150 declined and 21 remained unchanged from the previous day’s close.

The All Share Index was up 271 points, with volumes touching 308.1m shares and values clocking in at Rs17.8bn.

Most activity was seen in commercial banks and chemical stocks, with cement, tech and textile companies rounding off the top five.

Volumes were led by:

  1. Engro Polymer: 37.52m shares traded (+1.88pc)

  2. TRG Pak Ltd: 17.29m shares traded (+0.92pc)

  3. K-Electric Ltd: 14.61m shares traded (-0.25pc)

  4. Azgard Nine: 12.03m shares traded (+3.45pc)

  5. Fauji Cement: 11.91m shares traded (+4.98pc)

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