KARACHI - Stocks closed bullish amid higher trades after international rating agency Moody’s termed $6.6b loan approval for dealing of economic crises in Pakistan is credit positive.
At local equity market benchmark KSE-100 share index posted a fresh gain of 153.33 points compared or 0.67 percent to stop the day at 22992.17 points compare to 22838.84 points of the previous day. Analyst Ahsan Mehanti Arif Habib Corp said ADB approval of $245m in power sector, easing political concerns after leaders decided to hold talks to tackle terrorism during APC meeting and Finance Minster remarks on no IMF deal regarding devaluation of rupee paved way for exchange rate stability in the country.
Rally was led by oil and cement stocks on strong valuations followed by higher local prices. Consolidation continued as investors’ awaited SBP policy rate announcement this week.
KSE-Allshare index up by 134.34 points or 0.82 percent to finish the session at 16488.07 points, KSE-30 share index grew by 95.45 points or 0.54 percent to conclude the trading at 17859.81 points while KMI-30 share index grew by 490.25 points or 1.25 percent to end the day at 39671.14 points.
The day turn over of stock market in term of shares was 265.039 million shares after opening at 212.333 million shares and the value of traded shares climbed to Rs 9.700b from Rs 9.513 billion. Capitalisation of the market maintained at Rs 5.654 trillion compared to Rs 5.611 trillion of a day earlier.
Equity dealer at Topline Securities Samar Iqbal said mainly supported by cement sector market continues its rally.
Investors’ sentiment also boosted amid hope of no interest rate change in the upcoming monetary policy and upsurge in regional markets. Expected increase in cement bag prices brought renewed buying interest in cement stocks as lucky, MLCF, KOHC, CHCC closed at its 5pc upper circuit breaker.
Share of 357 companies were traded on Tuesday where gainers held a strong lead over the losers 220 to 109 while the value of 28 stocks remained intact. Nestle Pak and Wyeth Pak Limited were the biggest price gainers of the day up by Rs 159 to Rs 6299 and Rs 142.25 to Rs 3217.25. Sanofi Aventis and Philip Mprris Pak were the biggest losers of the day decreased by Rs 26 to 544 and Rs 17 to Rs 360. Fauji Cement was the top traded company of the day with 42.737 million shares as it closed at Rs 14.18 after opening at Rs 13.50. PIAC(A) was on the second position with 19.804 million shares shed by Re 0.27 to Rs 7.76. It was followed by DG Khan Cement with 18.099 million shares added Rs 3.44 to Rs 81.01, Lafarge Pak with 13.661 million shares up by Re 0.61 to Rs 8.50 and Bank of Punjab with 12.655 million shares off by Re 0.17 to Rs 12.43.