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KSE gains 92 points on Moody’s upgradation

July 17, 2014

Stocks closed higher ahead of major earnings announcements this week led by selected oil and banking stocks on strong earnings outlook.

At local equity market benchmark KSE-100 share index posted a fresh gain of 92.20 points or 0.31 percent to end the day at 29776.17 points compared to 29683.97 points of a day earlier. KSE-Allshare index up by 66.55 points or 0.30 percent to close the day at 21888.97 points, KSE-30 index gained 99.32 points or 0.48 percent to end the trading at 20654.40 points while KMI-30 index added 117.88 points or 0.25 percent to finish the session at 48217.09 points.

Ahsan Mehanti analyst at Arif Habib Corp said impact of Moody’s upgrade on Pakistan’s rating to stable and speculations ahead of SBP policy announcement on July 19 played a catalyst role in positive sentiments. Concerns over impact of revised GIDC levy and power shortfall for fertilizer, textile sectors and PTCL results as on expectations invited profit taking during the trading session.

The day turnover of market was 112.800 million shares after opening at 107.827 million shares and the value of traded shares was climbed to Rs 6.114 billion from Rs 6.135 billion. The capitalisation of the market maintained at Rs 6.995 trillion compared to Rs 6.973 trillion of a day earlier. Trading took place 342 companies where 132 closed in positive and 178 in negative while the value of 32 stocks remained intact. Nestle Pak and Bata (Pak) were the biggest price gainers of the day up by Rs 192.25 to Rs 8150 and Rs 67.44 to 3337. Shezan Inter and Island Textile were the top price losers of the day decreased by Rs 53.82 to rs 1022.70 and Rs 44.99 to Rs 858.

A dealer said due to continuous inflow of foreign funds sentiments turned positive at local bourse. Index heavy weight MCB rallied supported index gain and cement stocks remained in limelight as investors took fresh positions in anticipation of healthy June results.

Active list was topped by K-Electric with 12.245 million shares off by Re 0.23 to Rs 7.50.

It was followed by Fauji Cement with 7.944 million shares grew by Re 0.21 to Rs 20.20, Lafarge Pak with 7.694 million shares shed by Re 0.18 to Rs 15.92, Maple Cement with 7.534 million shares grew by Re 0.61 to Rs 30.75 and Pak Elektron Ltd with 5.743 million shares up by Re 0.16 to Rs 28.74.

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Source: Nation (Pakistan)

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