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KSE gains 556pts on foreign interest

May 30, 2014

Our Staff Reporter

In expectations of investor friendly budget, local stocks closed at all time with rising volume that reached Rs16b, 6-week high. Market capitalisation also crosses $70b mark, equity experts observed here on Thursday. MSCI rebalancing which is effective on June 02 in which Pakistan weight has increased also contributed to the rising trend. All large cap stock rallied, where PSO, Engro and DGKC closed 5pc up, she added.

KSE benchmark 100-share index posted a fresh gain of 556.26 points or 1.92 percent to end the day at 29543.58 points compared to 28987.32 points of the previous day. KSE-Allshares index increased by 415.55 points or 1.94 percent to end the day at 21839.92 points, KSE-30 index added 440.68 points or 2.23 percent to finish the day at 20227.65 points while KMI-30 gained 789.48 points or 1.72 percent to stop the trading at 46724.54 points.

Ahsan Mehanti, analyst at Arif Habib Corp, said stocks closed bullish amid speculation in the pre-budget session at KSE following ECC approval for Nepra to adjust tariff of Discos on annual basis revising target losses to 15.75pc.

Renewed foreign interest following easing concerns for circular debt in energy sector on new policy approval for Nepra, high PSDP commitments of over 1.3trn in the federal budget, TTP split off expected to favour peace initiatives and new fiscal deficit target lowered at 4pc of GDP played a catalyst role in bullish sentiments at KSE. Market traded 351.338m shares after opening at 220.121m shares and the value of traded shares was climbed to Rs 15.726b from Rs 9.135b. Capitalisation of the market maintained at Rs 7.004 trillion compared to Rs 6.871 trillion of a day earlier. Trading took place in 388 companies where gainers outnumbered the losers 256 to 110 while the value of 22 stocks not changed. Rafhan Maize XD and Nestle Pak were the top price gainers of the day up by Rs 200 to Rs 11700 and Rs 194.23 to Rs 8164.23. Phillip Morris Pak and Mithchells Fruit were the biggest losers of the day decreased by Rs 36.36 to Rs 690.97 and Rs 27.50 to Rs 669.51.

Active list was topped by K-Electric with 72.454 million shares shed by Re 0.24 to Rs 8.76. Lafarge Pak was the second highest with 22.675m shares off by Re 0.11 to Rs 14.44. It was followed by TRG Pakistan Ltd with 19.326m shares up by Re 0.29 to Rs 14.79, Bank of Punjab with 15.114m shares added Re 0.29 to Rs 9.73 and Dewan Motors with 15.108m shares grew by Re 0.64 to Rs 8.03.

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Source: Nation (Pakistan)

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