KSE continues to consolidate ahead of elections

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KSE continues to consolidate ahead of elections
Karachi: In the absence of any trigger, market continued to consolidate ahead of general election. Positive trend continued at local equity market as benchmark KSE-100 share index added 6.04 points or 0.03 percent to end the day at 19,262.74 points compared to 19256.70 points of a day earlier.
Samar Iqbal equity dealer at Topline security said renewed buying interest was seen in Fauji Cement amid expectation of better earnings due to debt swap, OGDC and PPL also remained on investors’ radar.

KSE-Allshare index shed by 6.70 points or 0.05 percent to close the day at 13,812.19 points, KSE-30 share index gained 10.29 points or 0.07 percent to finish the day at 14,824.91 points while KMI-30 share index off by 69.02 points or 0.21 percent to conclude the session at 33,439.63 level.
Analysts said stocks closed higher amid institutional support in oil and banking stocks on strong valuations. Sentiments remained positive amid thin trading post major quarter end earning announcements. Renewed foreign interest, release of funds for PSO to ease circular debt in energy sector and easing political uncertainty played a catalyst role in positive close despite concerns for $600m IMF repayments in this month.

Market traded 173.304 million shares after opening at 137.241 million shares and the value of traded shares reduced to Rs 5.275 billion from Rs 7.088 billion while the value of equity capitalisation settled at Rs 4.771 trillion compared to Rs 4.774 trillion of a day earlier.

Trading took place in 371 companies where losers out numbered the gainers 213 to 131 while the value of 27 stocks remained intact. Colgate Palmolive was the top loser of the day down by Rs 104.50 to Rs 1985.50 followed by Wyeth Limited decreased by Rs 81.62 to Rs 1550.96. Shezan Inter sand Mithchells Fruit was the top gainers of he day up by Rs 29.14 to Rs 612.04 and Rs 21.29 to Rs 447.10.

Active list was again topped by Fauji Cement with 61.965 million shares added Re 0.93 to Rs 9.94. TRG Pakistan Limited was on the second position with 11.175 million shares as it closed at Rs 9.68 after opening at Rs 9.94. It was followed by JS Company with 6.458 million shares up by Re 0.46 to Rs 10.48, Engro Corporation with 6.264 million shares slightly reduced by Re 0.04 to Rs 135.03 and Soneri Bank Limited with 5.123 million shares enlarged by Re 0.13 to Rs 7.10.


Courtesy: The Nation

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