KARACHI - Bullish activity continued on strong valuations after SBP slashed discount rates by 150bps in policy announcement on August 10, expert said here on Wednesday.
At local equity market benchmark KSE-100 share index gained 58.96 points or 0.40 percent to stop the day’s trading at 14970.93 points as compared to 14911.97 points of previous day on Monday.
Stock Analyst at Arif Habib Corp Ahsan Mehanti said strong earnings announcement by Lucky Cement, renewed foreign interest in blue chip stocks played a catalyst role in bullish sentiments despite fall in global stocks and commodities on weak economic data.
KSE-Allshare index added 40.94 points or 0.39 percent to end the trading session at 10,528.93 points, KSE-30 share index increase by 25.02 points or 0.19 percent to close the day at 12,885.03 points while KMI-30 share index augmented by 88.69 points or 0.34 percent to end the day at 26,383.85 points.
Despite last days of Ramadan volumes remained healthy particularly in cement stocks with DGKC as a volume leader as investors’ continue to show interest in the cement stocks that are expected to stand as the chief beneficiary of the significant discount rate cut by the central bank. Other factors that boosted investors’ confidence are improving relations with US and reducing political noise. Overall, index gained 59 index points to close at 14,970 Points, said Mohammad Rizwan equity dealer at Topline Securities.
Share market traded 173.780 million shares after opening at 195.084 million shares and the value of traded shares shrunk to Rs 4.675 billion from Rs 6.726 billion. Stock market capitalisation settled at Rs 3.820 trillion as compared to Rs 3.805 trillion of a day earlier.
Trading took place in 294 companies where 137 closed in positive and 133 in negative while the values of 24 stocks remained intact. Unilever Food and Colgate Palmolive were the highest price gainers of the day increased by Rs 137.50 to Rs 2887.50 and Rs 66.00 to Rs 1425.00. Mithchells Fruit and Exide (PAK) XD were the top losers of the day decreased by Rs 12.50 to Rs 355.00 and Rs 10.73 to Rs 230.16.
Active list was topped by Fauji Cement with 40.296 million shares as it closed at Rs 6.59 after opening at Rs 6.20 up by Re 0.39. Karachi Electric Supply Company was on the second position with 24.836 million shares gained Re 0.73 to close at Rs 6.00. It was followed by Dera Ghazi Khan Cement with 16.292 million shares expanded by Re 0.17 to finish at Rs 49.34, Lafarge Pakistan with 13.993 million shares higher by Re 0.35 to close at Rs 5.01 and Jahangir Siddique Company with 5.566 million shares shed by Re 0.36 to lock the day at Rs 15.17.