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KSE gains 58 points in range-bound session

June 25, 2014

Stocks closed higher led by selected oil, banking and cement scrips ahead of year end close, some improvement in institutional activity was also seen in the market.

At KSE benchmark 100-share index further up by 58.41 points or 0.20 percent to end the day at 29057.44 points compared to 28999.03 points of the previous day. Equity expert at Topline Securities Samar Iqbal said overall stocks remained range-bound due to year-end concentration. Renewed interest was seen in index heavyweights MCB and UBL helping them post some gains, while KOHC & CHCC also gained 5pc. KSE-Allsahre index up by 24.68 points or 0.12 percent to finish the trading at 21448.78 points, KSE-30 index gained 61.35 points or 0.31 percent to close the session at 19993.63 points while KMI-30 index grew by 34.28 points or 0.07 percent to conclude session at 46545.62 points. Volumes rose by 24pc to 165m shares after opening at 133m shares and the value of traded shares also rose by 31pc to Rs 8.734 billion. Capitalisation of the market maintained at Rs 6.854 trillion compared to Rs 6.846 trillion of day earlier.

Analysts said expected payments on pending circular debt of over Rs513b, higher banking spreads, rising local cement prices and rupee depreciation played a catalyst role in bullish activity at KSE despite. Investors’ interest remained in auto sector scrips impacted by Punjab govt. yellow cab scheme.

Trading took place in 352 companies where 177 closed in green and 155 in negative while the value of 20 stocks remained intact. Highest decreased reflected in the price of Wyeth Pak Limited and Nestle Pak down by Rs 225 to Rs 4275.01 and Rs 200 to Rs 7800. Rafhan Maize and Shezan Inter were the biggest price gainers of the day up by Rs 200 to Rs 10999 and Rs 41.80 to Rs 896.80.

Active list was topped by Fauji Cement with 14.690 million shares off by Re 0.42 to Rs 19.42. It was followed by Byco Petroleum with 12.980 million shares up Re 0.45 to Rs 12.57, Lafarge Pak with 11.694 million shares added Re 0.15 to Rs 15.30, Lotte Chemical with 8.357 million shares shed by Re 0.19 to Rs 7.19 and Bank of Punjab with 5.421 million shares gained Re 0.05 to Rs 8.83.

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Source: Nation (Pakistan)

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