KSE gains 172 points on global equities recovery

KARACHI – Stocks on Thursday closed higher amid support in cement and fertilizer scrips on expectations for improving sales in the last quarter of the year. The benchmark KSE-100 shares index rallied 172.22 points and finished at 32,565.14 points.
Cheaper valuations kept investors interested in certain stocks. Activity was seen in SNGP on the news that high court may announce the decision in favour of the company. Resultantly, the stock closed up 5pc.
Renewed interest was seen in Engro, LUCK, MLCF and DGKC as they gained by 1.4-2.1pc, said Mohammad Rizwan Head of Sales Topline Securities.
Traded volume decreased to 119m shares, compared to 191m shares changed hands in previous session, while value also declined to Rs7.2b from Rs7.7b.
Trade remained low as security beef up on account of religious and LG polls rallies. Banking stocks battered on rising NPLs data for Jan-Sep’15 and likely restoration of 0.6pc withholding tax on non-filers banking transactions next month. Sharp recovery in global equities played a catalyst role in the bullish sentiments in a volatile session at KSE, observed analyst Ahsan Mehanti. Out of total 321 traded companies in the session, 161 concluded in green, 141 in red while 19 went unchanged.
Major activity witnessed in the stocks of TRG Pak, Pak Elektron and Sui North Gas with 10.5m, 7.1m and 6.4m shares respectively.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>