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Cement stocks lead KSE 38 point rally

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KARACHI – The stock market closed higher on Tuesday amid renewed institutional & foreign interest, led by third tier stocks especially cement stocks.

The benchmark KSE 100-share index gained 38.44 points to close the day at 13,903.12 points as compared to 13864.68 points of the previous session.

“DGKC Cement and Dewan Cement remained in the limelight. Dewan Cement in hope of its takeover while DGKC ahead of its March result rallied. On the other hand, profit taking was seen in fertilizer stocks,” said Samar Iqabal, an equity dealer at KSE.

KSE Allshare-index gained 28.35 points or 0.29 percent to finish the day at 9775.73 points, KSE 30-share index increased by 29.35 points or 0.24 percent to close the session at 12161.81 points while the KMI 30-share index gained 64.19 points or 0.27 percent to conclude the day at 23827.91 points.

Analyst observed that report of approval of rise in natural gas by 30pc and hopes for early announcements on revised CGT implementation affected the sentiments. Higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSE.

Bourse traded 290,421 million shares after opening at 348,244 million shares. Trading took place in 378 stocks where gainers beat the losers by 157 to 140 while the values of 81 stocks remained intact.

NIB Bank Limited was the top traded company of the day with 32,258 million shares as it closed at Rs 2.95 after opening at Rs 2.85, followed by Dewan Cement, D.G.K.Cement, Byco Petroleum and Jahangir Siddiqi Company with turnover of 26,392 million, 20,150 million, 13,755 million and 13,328 million shares respectively.

UniLever Pak LtdXD and Sanofi-Aventis were the highest price gainers of the day, increased by Rs 51.81 and Rs 8.79, while the top losers were led by Siemens Pakistan and Nestle PakXD, down by Rs 23 and Rs 22.33 respectively.

 

Courtesy:  NATION


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