KARACHI - Stocks closed higher amid higher trades in the earnings announcements session at KSE on strong valuations.
Equity dealer at Topline Securities Samar Iqbal said mixed activity was seen as investors preferred to book profit before benchmark index reaching close to 17,000. Mid cap cement stocks like FCCL and MLCF remained in the limelight ahead of their Dec results. FFC came down after its result announcement as few investors were expecting bonus issue also.
KSE-Allshare index up by 41.71 points or 0.35 percent to end the trading session at 11,918.07 points, KSE-30 share index gained 17.77 points or 0.13 percent to conclude the day at 13,806.38 points while KMI-30 share index shed by 54.17 points or 0.19 percent to close the day’s trading at 29,174.64 points.
An analyst said that trade mainly remained in second and third tier stocks. Rising local cement prices, higher textile sector exports, easing political uncertainty and renewed foreign interest played a catalyst role in positive close in stocks at KSE ahead of major earning announcements due this week amid concerns for higher government borrowings.
Bourse traded 217.690 million shares as compared 184.130 million shares of the last day on Tuesday. Value of trading shares decreased to Rs 5.494 billion from Rs 6.294 billion while the capitalisation of stock market maintained at Rs 4.223 trillion compared to Rs 4.209 trillion of previous day.
Out of 346 companies 177 closed in positive and 148 in negative while the value of 21 not changed. Nestle Pakistan was the biggest price gainer of the day up by Rs 176.25 to Rs 4,776.25 followed by Unilever Pak up by Rs 49.99 to Rs 9949.99. Down hill trend were led by Colgate Palmolive and Biafo Industries decreased by Rs 74.75 to Rs 1424 and Rs 4 to Rs 81.
Fauji Cement was on the top of companies who led by significant turnover with 35.118 million shares as it closed at Rs 7.48 after opening at Rs 7.39. Maple Leaf Cement was on the second position with 28.101 million shares up by Re 0.64 to Rs 16.86. It was followed by JS Company with 21.161 million shares grew by Re 0.65 to Rs 16.34, Telecard Limited with 14.020 million shares added Re 0.37 to Rs 2.80 and Engro Corporation with 11.239 million shares up by Rs 1.83 to Rs 90.37.