News Column

KSE gains 307 points on GIDC withdrawal on cement sector

June 24, 2014

Stocks closed bullish amid cautious activity after TMQ chief agreed to leave for his home following the assurance of Governor Punjab on complete security, analysts observed here on Monday.

At local equity market benchmark KSE-100 share index posted a fresh gain of 307.19 points or 1.07 percent to end the day at 28999.03 points compared to 28691.84 points of the previous day.

Ahsan Mehati equity expert at Arif Habib Corp said easing political noise, withdrawal of GIDC on cement sector, rising Net Interest Margins in banking sector on participation and higher international oil prices on Iraq crisis played a catalyst role in positive close at KSE.

KSE-Allshare index grew by 192.48 points or 0.91 percent to stop the trading at 21424.10 points, KSE-30 index up by 226.50 points or 1.15 percent to finish the day at 19932.28 points while KMI-30 index increased by 518.04 points or 1.13pc to finish the trading at 46511.34 points.

Trading took place in 324 companies where gainers outnumbered the losers 206 to 89 while the value of 29 stocks remained intact. Bata (Pak) was the biggest price gainer of the day up by Rs 121 to Rs 3320 followed by Nestle Pak up by Rs 50 to Rs 8000. Fazal Textile and Indus Dyeing led the downhill trend decreased by Rs 45.03 to Rs 856.55 and Rs 40.64 to Rs 772.17.

The day turnover of market was 133.822 million after opening at 113.733 million shares and the value of traded shares was climbed to Rs 6.656b from Rs 6.136 billion.

The capitalisation of the market maintained at Rs 6.846 trillion compared to Rs 6.785 trillion of a day earlier.

Fauji Cement was the top traded company of the day with 15.651 million shares with the increase of Re 0.70 in its share price. Larfarge Pak was the second highest on volume chart with 14.744 million shares up by Re 0.74 to Rs 15.14.

It was followed by Bank of Punjab with 5.537 million shares added Re 0.20 to Rs 8.75, K-Electric Ltd. with 5.006 million shares extended by Re 0.32 to Rs 8.45 and Byco Petroleum with 4.956 million shares up by Re 0.53 to Rs 12.13.

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Source: Nation (Pakistan)

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