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Low-priced stocks lead market to unseen high, 104 points up

January 21, 2014

The Karachi Stock Exchange (KSE) ballooned to unseen high of above 27,100 points on Tuesday, as investors turned to smaller stocks after the recent rally in heavyweights. The benchmark KSE 100-Index gained 0.38 percent, or 103.75 points, to close at 27,104.70 points Tuesday, as against 27,000.95 points Monday. The KSE All Share Index increased 0.57 percent or 113.67 points to 20,173.68 points, the KSE 30-Index inched up by 0.25 percent or 49.06 points to 19,790.07 points, whilst the KMI 30-Index rose 0. 51 percent or 227.74 points to 44,912.59 points. During Tuesday's session, the key index touched an all-time high of 27,180.72 points and an intraday low of 27,000.95 points. The bulk of trade was witnessed in small stocks like Azgard Nine , BankIslami Pakistan and K-Electric , with overall participation on the bourse up 9 percent. Textile sector attracted investors' interest on the back of impressive export figures for the first half of the current fiscal year 2013-14. Moreover, as board meetings of Attock Refinery , Pakistan Oilfields and Attock Petroleum draw near, interest was witnessed in these stocks. ENGRO , which hit two upper circuits in the previous two trading sessions, saw some profit-taking. During the first 20 days of 2014, foreign investors did net buying of 968.3 million rupees , according to data from the NCCPL. Among 420 active scrips Tuesday, prices of 256 issues advanced, 145 declined, whereas values of 19 others stayed unchanged. Azgard Nine , BankIslami, and K-Electric were most heavily traded, with trading volume at 20.80 million shares, 13.16 million shares, and 12.12 million shares, respectively. Nestle Pakistan was the top price gainer, up Rs.464.44 to Rs.9,864.43 while National Foods led the decliners by falling Rs.22.71 to Rs.660.61 .

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Source: Daily Messenger (Pakistan)

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