Institutional support fuels KSE rally

KARACHI - Stocks closed higher amid trading in narrow range on Tuesday as progress towards reopening of NATO supply routes triggered institutional support amid investors’ speculations on favourable federal budget announcement for corporate sector.At the Karachi Stock Exchange, the benchmark KSE 100-share index gained 84.90 points or 0.60 percent to conclude the trading session at 14313.67 points as compared to 14228.77 points of the previous day. Ahsan Mehanti, stock analyst, observed investor interest in blue chip stocks in oversold fertilizer, cement, telecom sectors was seen despite uncertain global stocks and commodities on Euro zone debt crises. “Strong earnings outlook for oil sector, expected double digit rise in PSDP allocations in federal budget and hopes for early resolution of circular debt issues played a catalyst role in bullish sentiments at KSE,” he added. KSE Allshare-index added 56.20 points or 0.56 percent to end the day at 10041.67 points, KSE 30-share index increased by 90.79 points or 0.73 percent to close the day at 12501.20 points while KMI 30-share index closed up 205.92 points or 0.84 percent to seal the day at 24764.91 mark. Equity dealer at Topline Securities, Samar Iqbal said, “PTC remained volume leader where investors bought share in anticipation that international clearing house proposal would be accepted. Some profit taking was seen in DGKC with volume of 15mn shares traded.”Volume stood at 152.800 million shares after opening at 101.423 million shares and the value also increased to Rs 6.303 billion from Rs 3.796 billion. The prices of 170 stocks increased, 134 decreased while that of 67 stocks remained unchanged.Active list was again topped by P.T.C.L.A with 23.319 million shares as it closed at Rs 16.98 after opening at Rs 16.36, up Re 0.62. Engro Foods Ltd was on the second position with 21.386 million shares, slumped Rs 2.63 to close at Rs 63.67. It was followed by D.G.K.Cement with 14.663 million shares, shed Rs 1.8 to finish at Rs 43.15, JSCo with 9.871 million shares gained Re 0.4 and Bankislami Pakistan with 6.278 million shares up Re 1 to conclude at Rs 7.97. The biggest gainers for the day were Nestle Pakistan Limited, up by Rs 133.32 to Rs 4088.00, and Rafhan MaizeXD up by Rs 100 to Rs 3000.00.  Major losses were noted in Unilever Food SPOT, down by Rs 120.85 to Rs 3196.00, and WyethPak Limited, down by Rs 33.15 to Rs 770.00.     

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