KSE crosses 20,000pts for 1st time

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KSE crosses 20,000pts  for 1st time

Karachi: General elections result triggered massive buying at the local equity market where bullish spell touched new heights and the KSE 100-index closed at an all-time high, crossing the psychological barrier of 20,000 points comfortably.
The benchmark KSE 100-share index gained 328.55 points or 1.65 per cent to close the days at 20,244.82 points as compared to 19916.27 points of the day before the election day.
Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish in the post-election rally at KSE with investor interest in stocks across the board after PML-Nís clean sweep in Punjab and hopes for improved Pak-India relations.

Samar Iqbal at Topline Securities said market players were happy to see one political party reaching close to majority. As a result of this across the board improvement in share prices was seen. Investors feel that stable government will force economic leaders to take bold steps to put economy back on track. KSE allshare-index added 189.70 points or 1.34 per cent to end the day at 14346.86 points, KSE 30-share index went up by 301.70 points or 1.95 percent to conclude the day at 15739.29 points while KMI-30 share index increased by 462.01 points or 1.35 percent to stop the day at 34690.11 points.

PSO closed at upper limit as investors is expecting some resolution on the circular debt front. Nishat Mills and MCB also performeddue to buying by institutions, a dealer observed.
The day turnover of equity market in term of shares was 280.274 million shares after opening at 218.191 shares and the value of traded shares climbed to Rs 9.805 billion from Rs 7.125 billion. The capitalization of the equity market maintained at Rs 4.954 trillion as compared to Rs 4.889 trillion of the previous session.

An expert said bullish rally was led by oil and banking stocks amid higher trades. Renewed foreign interest, hopes for early resolution of circular debt crises in energy sector, gas supply issues to fertilizer and textile sectors on new political commitments played a catalyst role in record close at KSE despite concerns for security unrest in the country amid political protests.

During the session, 379 companies participated in the trading where gainers outnumbered the losers by 257 to 105 while the values of 17 stocks remained intact. Rafhan Maize XD was the top loser of the day, decreased by Rs 222.99 to Rs 4236.91, followed by Bata (Pak) XD, down by Rs 79.99 to Rs 1905.01. Wyeth Pak Limited and Murre Brerwery were the biggest gainers of the day, up by Rs 19.73 to Rs 1534.60 and Rs 17.61 to 369.91.

Active list was topped by Fauji Cement with 31.812 million shares as it closed at Rs 10.58 after opening at Rs 10.18. B O Punjab was on the second position with 14.844 million shares, up by Rs 1 to 10.31. It was followed by Jahangir Saddique Company with 13.764 million shares, extended by Re 0.65 to 11.93, Dear Ghazi Khan Cement with 11.790 million shares, enlarged by Rs 3.11 to Rs 74.96 and Pioneer Cement SPOT with 10.847 million shares, grew by Rs 1.3 to 27.47.

Courtesy: The Nation

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