LAHORE - Led by the rally in cement and E&P sectors, KSE-100 index of Pakistan Stock Exchange gained 400 points or 0.93 percent on the first day of week, Monday.
Cement sector remained in spotlight as manufacturers once again raised cement prices by Rs10/bag. Consequently, the sector added 110 points to the index gain. E&P sector further fueled index with contribution of 80 points, as crude oil prices were up (+US$2/bbl) due to reduced US drilling activity.
Rebar manufacturers gained momentum in yesterday's session as ASTL and MUGHAL gained 1.6-2 percent owing to rise in local rebar prices by 3k per ton (3.5 percent). The broader market index witnessed fall of 22 percent and 26 percent in traded volumes and value, respectively.
Top 5 stocks including OGDC (+2.1 percent), LUCK (+2.6 percent), UBL (+1.7 percent), DGKC (+4.3 percent) & POL (+2 percent) added 178 points to the index gain, whereas stocks including MCB (-1 percent), NESTLE (-0.4 percent), MUREB (-1.1 percent), GHGL (-1.3 percent) & JSCL (-1.6 percent) withheld 26 points from the index.
Experts said that KSE-100 index closed at 43,011, down 61 points on Friday, last week. Volumes stood at 140m shares versus 163m shares traded previously.
The index had formed a lower high and lower low that indicated potential for further downside.
