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KSE-100 gains 218.2 points; closes at 32,090.93

05 December, 2014

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KARACHI: Karachi bourse witnessed some intra-day correction led by Cement scrips; however floor managed to end higher as bulls made the index exceed the psychological barrier of 32,000 points on Thursday.

Blue chips’ buying mainly in financials kept market sentiment positive as KSE-100 index gained 218.20 points to close at 32,090.93 points as compared to 31,872.73 of previous session. KSE-30 index went up by 116.29 points as closed at 20,886.49 points as against 20,770.20 points of last closing.

Elixir Securities’ analyst Faisal Bilwani said, “Pakistan equities inched up and managed a close above 32,000 as interest primarily from institutions kept momentum strong.”

Against our expectation, wider market defied gravity with intra-day profit taking followed by fresh flows pushing KSE-100 higher, he added. Textiles and cements nevertheless corrected with Nishat Mills went down by 2.9 percent, Lucky Cement by 1 percent while DG Khan Cements by 0.3 percent also ended the day red after a positive open.

Financials were green as MCB Bank advanced by 1.7 percent nears 52 week high on local buying while oils were up, led by Pakistan State Oil (up 3.9 percent) on reported foreigners’ buying. “We see selective correction to continue with index hovering near 32,000 while oils are likely to trade volatile ahead of the weekend,” said Bilwani.

Habib Metropolitan Financial Services’ analyst Muhammad Sultan Mahmood said, “The index depicted intra sector correction on Thursday as profit taking was evident in some specific sectors such as cements, autos and energy.” Banking stocks witnessed strong interest as blue chips such as Habib Bank Limited and MCB Bank gathered steady gains. Textile plays gave in to profit taking, in the backdrop of advances seen in recent days. “We expect the bourse to persist its bullish momentum, driven by cements, banking and textiles with intra-day shocks being felt as a result of profit taking by savvy investors,” said Mahmood.

The market volume fell by 10.48 percent to 378.369 million shares traded on Thursday as compared to 422.744 million shares traded in previous session. The overall market capitalisation rose by 1.23 percent and traded Rs 7.327 trillion as compared to Rs 7.265 trillion of previous session. Gainers outnumbered losers 207 to 176 while 19 stocks remained unchanged amidst the total 402 stocks traded. The KMI-30 index rose by 190.70 points to close at 51,200.78 points as compared to 51,010.08 points of previous session. The KSE all-share index went 206.75 points up to close at 23,275.65 points as compared to 23,068.90 points of previous session.

The Bank of Punjab was the volume leader in the market with 37.309 million shares as it closed at Rs 9.14 followed by TRG Pakistan Limited with trading of 25.454 million shares and closed at Rs 13.30. Adamjee Insurance traded 16.462 million shares and closed at Rs 49.63.

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