Stocks up on renewed foreign interest

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KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index witnessed yet another historic session on Tuesday by touching a new high of 16,364.77 points on the expectations of improved corporate results in December and renewed foreign interest. Cement and textile companies rallied stocks on expectations about better results due next month, analysts said. Market closed record high amid higher trades in stocks across the board on renewed foreign interest after global stocks rallied on Europe deal with IMF on Greece bailout, said Ahsan Mehanti, an analyst at Arif Habib Corp.

“Exuberant global commodities piqued investors’ interest in oil, cement, and fertiliser stocks,” he said.

Mehanti said strong textile exports on EU relaxations and speculations on rate cut ahead of SBP policy announcement next month stoked bullish sentiments despite the concerns about widening fiscal deficit and lower banking spreads.

The KSE-100 index climbed 94.29 points or 0.58 percent to 16,364.77 points from 16,270.48 points recorded in the last session. At one time, it reached to a high level of 16,375.04 but could not sustain it, while low level of the day was recorded at 16,270.48 points.

KSE-30 index was up by 62.41 points or 0.47 percent to 13,259.88 points. Market turnover jumped 57 million shares to 317.82 million shares while total value went up to Rs6.90 billion from Rs3.68 billion. Hasnain Asghar Ali, COO Escap Capital, said sensation linked to issuance of 3G license also re-invited activity in stocks of telecom companies, which are likely to participate directly or through their subsidiary in the auction.

“With various frontline stocks still trading at attractive levels the local equity market is likely to invite fresh flows both from local and off-shore corridors,” he said.

Highest increase was registered in shares of Unilever Food, which climbed by Rs190 to Rs4,150 per share followed by Bata (Pak) XD, which shot up by Rs74.55 to Rs1,565.55 per share. Major decline was noted in shares of Linde Pakistan, which dropped Rs3.38 to Rs153.37 per share followed by Noon Pakistan that inched Rs2.28 down to Rs43.42 per share.

Stocks that recorded significant turnover included Fauji Cement, KESC, DGK Cement, Maple Leaf Cement and Summit Bank.

Fauji Cement was the volume leader with 31.70 million shares with decline of 13 paisa to Rs6.90 per share. It was followed by KESC with 28.26 million shares with improvement of 73 paisa to Rs6.56 per share. Shares turnover in the futures market surged to 28.48 million shares from 20.59 million shares traded in the previous session. Of the total of 392 companies’ stocks traded, 195 advanced, 179 declined and 18 remained unchanged.

Unilever Food Rs190.00
Closing Rs4,150.00

Bata Pak Rs74.55
Closing Rs1,565.55

Unilever Pak Rs50.00
Closing Rs9,700.00

Linde Pak Rs3.38
Closing Rs153.37

Noon Pak Rs2.28
Closing Rs43.42

Clover Pak Rs1.90
Closing Rs76.00


Courtesy: The News

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