Equity market inches up in lacklustre session

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KARACHI The Karachi stock market closed higher amid thin trade, led by second and third tier stocks on strong valuations. The benchmark KSE 100-share index gained 17.03 points or 0.09 per cent to close the day at 18653.06 points compared to 18636.03 points of the last working day on Friday. An expert said speculations ahead of SBP policy statement due on April 12 invited institutional interest in blue chip oil, cement and fertilizer stocks amid concerns for rising fiscal deficit and pending circular debt issue in energy sector.
Strong data on urea, DAP and cement sales for March 2013 and hopes for early resolution of CCP levy on telecom, fertilizer sector played a catalyst role in bullish sentiments at KSE.

KSE allshare-index added 19.08 points or 0.14 percent to end the day at 13228.78 points, KSE 30-share index went up by 4.92 points or 0.03 percent to conclude the day at 14551.11 points while KMI 30-share index increased by 58.37 points or 0.17 percent to finish the day at 32990.87 points.
Market traded 123.579 million shares on first day of the trading week after opening at 206.872 million shares and the value of traded shares reduced to Rs 3.622 billion from Rs 6.594 billion. The capitalization of local bourse maintained at Rs 4.593 trillion as compared to Rs 4.587 trillion of a day earlier.
A dealer said local bourse witnessed a lackluster session where volumes dropped to Rs 3.6b only. Investors trimmed their positions in banking sector where MCB declined by Rs2.6. Bank Islami remained the volume leader with 12.5m shares exchanged hands.

Business took place in 351 companies where 172 closed in positive and 165 in negative while the values of 14 stocks remained intact. Unilever Food SPOT was the biggest price gainer of the day, up by Rs 221 to Rs 4648, followed by UniLever PakSPOT, up by Rs 66.45 to Rs 15066.45. Fazal Textiles and Atlas Honda Ltd were the top losers of the day, decreased by Rs 10.03 to Rs 220 and Rs 5.50 to Rs 176.

Bankislami Pakistan was the top traded company of the day with 12.538 million shares as it closed at Rs 6.39 after opening at Rs 6.66. Jah.Sidd.Co.XD was on the second position with 9.328 million shares, shed Re 0.13 to Rs 13.17. It was followed by P.T.C.L.A with 6.201 million shares, added Re 0.04 to Rs 21.27, P.I.A.C (A) with 5.906 million shares, off by Re 0.29 to Rs 6.43 and Maple Leaf Cement with 5.569 million shares, grew by Re 0.38 to Rs 19.05.

Courtesy: The Nation

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