KSE gains 60.30 points on rising cement prices

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KSE gains 60.30 points on rising cement prices

KARACHI - Stronger fertilizer sales data, hopes for early resolution of political issues, higher global commodities, rising local cement prices and textile exports played a catalyst role in bullish sentiments in oversold market amid concerns for pending energy crisis.

The Karachi Stock Exchange benchmark KSE-100 share index gained 60.30 points or 0.36 percent to close the day at 16,648.84 points as compared to 16,588.54 points of the previous day. Equity dealer Samar Iqbal said with two weeks low volumes, equity market gained another 60 points amid calmness on political front. Mid cap stocks remained in the limelight as BYCO, JSCL and MLCF remained the most active scrips. Renewed buying interest was also seen in UBL as 3.3m shares exchanged hands.

KSE-Allshare index higher by 41.63 points or 0.35 percent to end the day at 11,771.56 points, KSE-30 share index added 40.59 points or 0.30 percent to stop the day at 13,589.67 points while KMI-30 share index increased by 85.23 points or 0.30 percent to finish the day at 28,769.07 points.

Market traded 99.582 million shares after opening at 102.481 million shares while the value of traded shares was climbed. Stock capitalisation settled at Rs 4.172 trillion compared with 4.158 trillion of a day earlier.

Trading took place in 328 companies where gainers outnumbered the losers 184 to 131 while the value of 13 stocks remained intact. Bata (Pak) was the biggest price gainer of the day up by Rs 55.50 to Rs 1297 while the downhill trend was led by Indus Dyeing down by Rs 8.78 to Rs 616.22. Byco Petroleum was the top traded company of the day with 12.701 million shares as it closed at Rs 13.79 after opening at Rs 13.38. JS Co was on the second position with 11.884 million shares shed by Re 0.42 to Rs 15.34. It was followed by Maple Leaf Cement with 6.950 million shares grew by Re 0.12 to Rs 14.48, Fauji Cement with 4.002 million shares up by Rs 0.08 to Rs 6.35 and United Bank Limited 3.315 million shares extended by Re 0.71 to Rs 82.52.

Dealers said in spite of fact that global equity markets and commodity prices warmly welcomed the New Year, local bourse which has gained 49pc last year, lagged behind. Investors got skeptical of increased political noise, sell off at equity markets pushed index 3pc lower on week on week basis though it touched historical high of 17,000 at one point in time. BYCO and BoP remained amongst the most active scrips during the week while cherry picking was seen in dividend yielding stocks like FFC and IPPs. Going forward, pre-result rally would take the centre stage at local bourse.

Courtesy: Nation

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