KSE gains 72 points, crosses 7,500 barrier

KARACHI - Bulls returned to the stock market on the last day of the week as the KSE 100-index managed to gain 72 points to close at 7,502 points. Investors at the market remained optimistic on introduction of new leverage products including margin financing, future deliverable product as the discussions between KSE and SECP continued for approval. The index showed range-bound activity throughout the trading session on the last trading day of the week. It made a low of 7,430.01 points after witnessing a high of 7,517.43 points. However, the stock market closed the week above 7,500 psychological mark at 7,502.66 points, gaining 72.65 points. Although the market turnover remained superior as compared to the average turnover, the trading activity decreased to 124.832 million shares as compared to last trading sessions 144.178 million shares. Total trading value of the market came down to Rs4.071b against last trading sessions Rs5.491b. Of 291 active scrips at the stock market, 163 gained value, at least 107 lost and the value of 21 cos remained unchanged. Expansion plan announced by ANL by getting their sponsor holding of fertilizer sector enlisted highlighted the stock both on gains and turnover while another stock Pace Pakistan managed to stay the volume leader for second consecutive session. Both the stocks contributed 25 percent to the total turnover. Low profile Pace Pak was witnessed as the volume leader of the day with a healthy turnover of 16.718 million shares on Friday. Among other well-traded shares were DGKC with 10.954m shares, JSCL 9.807m shares, Azgard Nine 9.487m shares, Engro Polymer 6.874m shares, Netsol 5.335m shares, Lucky Cement 5.056m shares, WorldCall 4.891m shares, PTCL 4.591m shares namely. Prominent gainer at the KSE include Wyeth Pak, up by Rs19.99/share with a small turnover of only 40 shares, followed by Treet Corporation, up by Rs7.58/share to close at Rs263.25, Shezan International added Rs6.14/share and closed at Rs134.24, Pak Services gained Rs5/share and its value was improved to Rs140, Mari Gas gained Rs4.58/share, closing at Rs155.98, GlaxoSmithKline Pak up by Rs4.44/share to close at Rs128.59. On the other hand, Siemens Pak Engineering shed Rs45/share and its value was decreased to Rs921 with the trading of only 100 shares on Friday, Exide Pak down by Rs7.70/share to close at Rs147.30, AHL lost Rs2.12/share and closed at Rs74.99, Murree Brewery down by Rs1.97/share, closing at Rs75.13, Service Industries lost Rs1.90/share and closed at Rs105.10, Shell Gas lost Rs1.74/share to close at Rs64.73. Buying activity was a result of recovery in international oil prices and global capital markets showed positive performance, said Market expert Ahsan Mehanti adding, expectation of reduction in discount rates next week and renewed interest of retail/institutional investors played a catalyst role for positive activity in the oversold market.

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