KARACHI - Stock market again crossed the psychological barrier of 40,000 points on Monday. The benchmark 100-share index closed at 40,023 points after gaining by 96 points (0.24%).
Major activity was witnessed in second and third tier stocks. KEL (up 2.36%) was yesterday’s volume leader as the electricity provider declared its plan of $2.2b to improve its generation capacity and to upgrade its current transmission and distribution network.
PIBTL (up 0.77%) gained on the back of the statement made by its CEO that $255m terminal at Port Qasim will be operational by the end of this year. EFERT (up 0.50%) and FFBL (0.53%) in the fertilizer sector gained to close in the green zone on the back of data released by NFDC showing MoM growth in the fertilizer dispatch numbers, dealers said.
Volumes increased by 7.4% to 389m shares, whereas value decreased by 17.3% to Rs12.4b/$119m.
KEL announced that Abraaj is evaluating the possibility of divesting its shareholding in KEL. Stock gained by 2.5% while also being the volume leader with 50m shares traded. FCCL announced that rehabilitation of line 2 is in process while line 1 is operational since June 16 which led FCCL to gain by 0.7%, said dealers at Topline brokerage. AICL announced EPS of 2.20/share along with cash dividend of 1.5 /share. Stock gained by 1.6%. Analysts expect the market to continue its bullish momentum.