KSE index recovers on selection of Punjab caretaker chief minister

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index recovered by 53.99 points to 17,926.14 points on Wednesday with the selection of Punjab caretaker chief minister, dealers said. With the selection of renowned journalist Najam Sethi as Punjab chief minister, the market behaved positively in the morning and increased by more than 100 points, Ahsan Mehanti, analyst at Arif Habib Corp, said.

However, he added, that cement and banking sectors remained under pressure. He said that there were rumors that the Competition Commission of Pakistan would reduce prices of cement cartel, while the pressure on the banking sector increased with the news that Consumer Price Index will come down and the banking sector would have to pay a minimum six percent profit on savings accounts. “The oil sector supported the market as international oil prices also went up,” he said.

The KSE-100 index increased by 53.99 points or 0.30 percent to 17,926.14 points, against 17,872.15 points recorded in the last session. The index, at one time during the intraday session, reached a high level of 18,003.71 points, while the lowest level of the day was recorded at 17,872.15 points. KSE-30 index also improved by 24.26 points or 0.17 percent to 14,189.57 points in the session, against 14,165.31 points recorded in the last session.

The turnover declined by one million shares to 148.06 million shares from 149.57 million shares, whereas the value increased to Rs5.02 billion against Rs3.82 billion. Market capitalisation improved to Rs4.37 trillion against Rs4.36 trillion recorded in the last session.

Zafar Moti, analyst and senior member of the KSE, said that an increasing flow did not continue in the market during the entire day as concerns related to the upcoming elections and economic uncertainty prevailed. “Pakistan has to pay its dues to the International Monetary Fund and investors are also conscious of falling reserves,” he said.

Samar Iqbal, senior manager equity sales at Topline Securities (Pvt) Ltd, said that conflicting news on local cement prices affected stocks, whereas renewed buying interest in oil stocks helped the index recover.

The highest increase was recorded in the shares of Unilever Pak that increased by Rs543.06 per share to Rs11,643.06, followed by Nestle Pakistan Ltd, which increased by Rs250.00 to Rs5,250.00 per share. Major decline was noted in the shares of Colgate Palmolive, which declined by Rs86.80 to Rs1,658.20 per share, followed by Fazal Textile that declined by Rs11.53 to Rs219.08 per share.

Significant turnover was recorded in the stocks of Pakistan International Airlines (PIA), Pakistan Telecommunication Company Limited (PTA), Lotte Pak PTA, Maple Leaf Cement and TRG Pakistan Ltd. PIA remained the volume leader with 12.27 million shares with a decline of 29 paisas to Rs7.11 per share, followed by PTCL with 12.09 million shares with a decline of six paisas to Rs19.70 per share.

Shares’ turnover in the futures market improved to 28.18 million shares from 17.47 million shares traded in the previous session. Of a total of 320 companies’ stocks traded, 139 advanced, 156 declined and 25 remained unchanged.

Nestle Pak Rs250.00
Closing Rs5,250.00

Attock Ref Rs8.21
Closing Rs201.98

Pak Services Rs7.85
Closing Rs205.00

Colgate Palm Rs86.80
Closing Rs1,658.20

Fazal Tex Rs11.53
Closing Rs219.08

Indus Motor Rs10.00
Closing Rs282.00


Courtesy: The News

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