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KSE up by 148 points, closes up by 17000



The Karachi stock market finally managed to close above the psychological level of 17,000 points on Thursday due to heavy buying driven by good corporate results.

The Karachi Stock Exchange (KSE) 100-share index gained 147.69 points or 0.87 percent to close at 17,056.36 points as compared to 16,908.67 points of the previous session. The KSE 30-share index increased 125.28 points to close at 13,931.66 points as compared with 13,806.38 points of the previous session. 

“Finally the market managed to close above 17,000 points level,” said Topline Sec dealer Samar Iqbal. “Institutional buying and good corporate results helped the equity prices to improve by approximately 1.0 percent.” Higher than expected earning announcement by Engro Foods helped the market sentiment, she said and added that second-tier cement stocks performed well as investors are expecting healthy profits for the quarter ending in December. 

The market turnover went up by 24.38 percent and traded 270.77 million shares after opening at 217.69 million shares. The overall market capitalisation also rose 0.94 percent and traded Rs 4.263 trillion as against Rs 4.223 trillion. Gainers beat losers 205 to 123, while 25 stocks were unchanged. 

“Stocks closed at a record-high level amid rising trades in the earnings announcements session at KSE after State Bank of Pakistan slashed yields on Treasury-bills,” said Arif Habib Corporation Director Ahsan Mehanti. “Investors’ hopes for another policy rate cut in policy announcement due next month, rising local cement prices, easing political uncertainty and renewed foreign interest played a catalyst role in the bullish close.” 

The KMI 30-share index rose 289.64 points to close at 29,473.28 points from its opening at 29,174.64 points. The KSE all-share index closed with a gain of 112.81 points to 12,031.51 points as against 11,918.70 points. 

Analysts said after consolidating around the historic high level of 17,000 points the market finally managed to close above it. The market had last crossed the 17,000 points level in the end of December 2012 during intra-day trade.

Fauji Cement was the volume leader in the share market with 60.33 million shares as it closed at Rs 7.80 after opening at Rs 7.48, gaining 32 paisas. Maple Leaf Cement traded 22.63 million shares as it closed at Rs 17.86 from its opening at Rs 16.86, increasing Re 1. Byco Petroleum traded 20.02 million shares and closed at Rs 14.37 as compared to its opening at Rs 13.92, appreciating 45 paisas. Jahangir Siddiqui and Co traded 13.86 million shares as it closed at Rs 16.53 as against its opening at Rs 16.34, rising 19 paisas. (DailyTimes)


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