Shares turnover at KSE hits seven-month high

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index increased by 0.41 points to a fresh high of 16,251.79 points on Tuesday on profit-taking, while shares turnover also touched seven-month high of 330.34 million shares, said dealers.

 

Market capitalisation also rose to the record high of Rs4,062 billion with an addition of Rs6 billion, they said.

 

“With volumes at almost seven-month high of 330 million shares, investors are busy switching their positions from one stock to another,” said Samar Iqbal, an equity dealer at Topline Securities (Pvt) Ltd.

 

The KSE-100 index increased by 0.41 points to 16,251.79 points, which replaced the previous all-time high of 16,251.38 points recorded on Monday. The index closed 88 points lower from the intraday high of 16,339.03 points. The KSE-30 index increased by 3.38 points, or 0.03 percent, to 13,236.75 points in the session.

 

Dealers said that higher volumes were recorded in the cement sector. “With some profit-taking seen in Fauji Cement (FCCL) and Jahangir Siddiqui and Co. (JSCL), investors build new positions in DG Cement (DGKC) and Maple Leaf Cement (MLCF),” she said.

Islamic banks are under attention after the central bank lifted the minimum level of the deposit. Oil and fertiliser stocks remained dull as major activity was seen in cement and the telecom sector, she said.

 

Ahsan Mehanti, an analyst at Arif Habib Corporation Ltd, said that the stocks closed higher amid record volumes on across-the-board consolidation.

 

Traders’ hopes for enhanced foreign direct investment in Pakistan after the D8 trade exhibition in Islamabad increased the interest in oil, cement and textile sector stocks, he said.

 

Hasnain Asghar Ali, chief operating officer at Escorts Capital, said that the local equity market witnessed another historic session, which was led by cement, banking and telecommunication stocks along with selective stocks from financial sector, wherein Islamic banks reacted on the news of removal of minimum return on deposit.

 

Despite increase in the turnover and value, he said, concerns over pressure on the currency, foreign debt retirements and the poor law and order remained in the market.

 

Khalil Usmani, an analyst at Jahangir Siddiqui Research, said the market is unable to sustain its good start of the day with rumours of decent foreign buying in some of the oil and cement stocks. “We believe the market will continue to show strong momentum in the coming days on the back of a possible rate cut. We still prefer cement and textile sector,” he said.

 

PTCL, Pak Petroleum, MCB Bank, Millat Tractors and Unilever played leading role in driving the index up, while OGDC recorded decline, as it fell by 10.40 points.

 

Stocks that recorded significant turnover included Fauji Cement, Jahangir Siddiqui Co., Maple Leaf Cement and BankIslami Pakistan.

 

Fauji Cement was the volume leader with a turnover of 70.958 million shares as it closed at Rs6.77, down by 10 paisas from Rs6.87 per share, followed by Jahangir Siddiqui & Co. with a turnover of 26.280 million shares as it closed at Rs15.87 with a fall of Re1.01 from Rs16.86 per share.

 

Shares turnover in the futures market improved to 11.08 million from 9.88 million shares traded in the previous session. Of 386 companies’ stocks traded, 205 advanced, 155 declined and 26 remained unchanged.

 

Unilever Pak Rs99.00

 

Closing Rs9,600.00

 

Colgate Palm Rs55.00

 

Closing Rs1,290.00

 

Rafhan Maize Rs50.00

 

Closing Rs3,550.00

 

Indus Dyeing Rs14.02

 

Closing Rs549.98

 

Siemens Engg Rs10.00

 

Closing Rs740.00

 

IGI Ins Rs6.67

 

Closing Rs126.91

 

 

Courtesy:  The News


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