Hope for better results, IMF deal lifts KSE by 357pts

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KARACHI - Market recovered after June end effect is over though volumes remained low but investors active interest was seen in cement stocks in expectations of better results for the period end June 2013.

At local equity market bench mark KSE-100 share index posted fresh gain of 357.47 points or 1.70 per cent to end the session at 21,363.16 points compared to 21,005.69 points of the last working day Friday.

Dealer said Index heavy weight MCB pushed the index up on support from institutions. Lower than expected inflation number and Pakistan likely reentering into IMF programme boosted investors sentiments.

KSE-All share index added 162.83 points or 1.09 per cent to end the day at 15150.36 points, KSE-30 share index grew by 301.88 points or 1.86 per cent to close the day at 16509.84 points while KMI-30 share index extended by 592.02 points or 1.61 per cent to close the day at 37305.91 points.

Market traded 154.895 million shares after opening at 151.534 million shares and the value of traded shares was minimised to Rs 6.115 billion from Rs 6.865 billion. The capitalisation of equity market maintained at Rs 5.210 trillion compared to Rs 5.154 trillion of the previous day.

Analyst said British PM pledge for counter terrorism, expectations for IMF approval of $5b bailout package to ease economic uncertainty, expected development on privatization of SOE, speculations on early resolutions of circular debt issues in energy sector and recovery in global commodities, stocks played a catalyst role in bullish activity at KSE.

Trading took place in 330 companies where gainers out numbered the losers 237 to 73 while the value of 20 stocks remain intact. Nestle Pak was the biggest price gainer of the day up by Rs 324.95 to Rs 6174.05 followed by Siemens Pakistan down by Rs 10.20 to Rs 641. Colgate Palmolive and MithchellsFruit were the top gainers of the day increased by Rs 55 to Rs 1890 and Rs 19 to Rs 519.

Fauji Cement was the top traded company of the day with 28.130 million shares as it close at Rs 14.07 after opening at Rs 13.29. B.O.Punjab was the was on the second position with 12.926 million shares up by Rs 1 to Rs 13.74. It was followed by P.T.C.L.A with 9.671 million shares off by Re 0.02 to Rs 22.17, Maple Leaf Cement with 5.071 million shares higher by Re 0.80 to Rs 22.73 and Lafarge Pak with 5.005 million shares extended by Re 0.40 to Rs 8.89.

Courtesy: Nation

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