KSE sets new record on strong interest in cement shares

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KARACHI - Stocks closed at record high on Tuesday amid bullish rally in global stocks ahead of quarter-end earning announcements. The benchmark KSE 100-share index gained 73.63 points or 0.40 per cent to close the day at 18345.74 points compared to 18272.11 points of the previous day. Smar Iqbal, equity dealer at Topline Securities, said mainly led by cement sector market closed at a new high. Likely appointment of federal finance minister also helped boost sentiments. Cement sector remained in limelight amid expectation of better March earnings. FCCL witnessed healthy volume of 36m shares while Maple Leaf cement closed at its upper cap with 29m shares exchanging hands.

KSE allshare-index added 22.59 points or 0.17 percent to end the day at 12934.74 points, KSE 30-share index went up by 12.65 points or 0.09 per cent to stop the day at 14395.17 points while KMI 30-share index increased by 214.59 points or 0.67 per cent to conclude the day at 32311.44 points.
Ahsan Mehanti, analyst at Arif Habib, said CPI inflation at 6.57pc MoM for March 13 and strong data on urea, DAP and cement sales played a catalyst role in bullish sentiments at KSE amid late session selling in fertilizer stocks on reports of CCP levy of 8.64b on collusion and increasing urea prices.

On Tuesday, local bourse traded 225.214 million shares after opening at 171.013 million shares and the value of traded shares extended to Rs 8.210 billion from Rs 7.281 billion. The capitalization of stock exchange remained Rs 4.492 trillion compared to Rs 4.484 trillion of a day earlier.
Business took place in 350 companies where 182 closed in negative and 144 in positive while the values of 24 stocks remained intact. Upward trend was led by UniLever Pak, up by Rs 634.45 to Rs 13323.45, and Colgate Palmolive, increased by Rs 89 to Rs 1869 while the downhill trend was led by Rafhan Maize XD and Indus Dyeing, decreased by Rs 180 to Rs 3610 and Rs 21.30 to Rs 405.50.

Fauji Cement was the volume leader of the day with 36.444 million shares as it closed at Rs 8.77 after opening at Rs 8.49. It was followed by Maple Leaf Cement with 29.262 million shares, up by Re 0.92 to Rs 19.68, Lafarge Pakistan with 24.816 million shares, grew by Re 0.42 to Rs 7, B.O Punjab with 10.773 million shares, shed Re 0.09 to Rs 9.13 and Engro Corporation with 10.730 million shares, increased by Re 0.89 to Rs 135.29.

Courtesy: The Nation

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