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Cement stocks help propel index past 44,000 barrier

KARACHI: Bulls continued their relentless charge at the stock market on Tuesday, where they tossed the benchmark KSE-100 index above the 44,000 level for the first time ever.

The index extended its gains by 459.43 points, or 1.05 per cent, to close at a record 44,199.40. All that represents the market’s winning streak of 1,580 points in just the past four trading sessions.

The volume of shares traded during the day rose 8pc over a day ago to 373 million shares, while the trading value jumped 40pc to Rs20 billion. After a day’s breather, foreign investors restarted selling, disposing of equities worth $13.14m on Tuesday. Local mutual funds, however, absorbed all of the foreign sell-off with a net buying of $15.46m.

Among stocks, major contribution to the upside came from DG Khan Cement which increased 4.89pc, Hub Power Company 2.05pc, MCB Bank 1.56pc, Fauji Cement 4.98pc, Maple Leaf Cement 4.99pc and the Oil and Gas Development Company 1.26pc. Together, they added 186 points to the index.

“Gains in Tuesday’s session were underpinned by robust performance from cements on the back of a hefty 10pc rise in despatches coupled with highest-ever capacity utilisation at 98.6pc during the outgoing month,” contended analysts at Intermarket Securities.

Major gainers in the ce­ment sector were identifi­ed as DG Khan Cement, Cherat Cement 4.9pc, Pioneer Cement 5pc, Fauji Cement and Thatta Cement 4.95pc.

The overall upbeat sentiment also led to a rally in select autos, multi-utilities and power. Indus Motors gained 4.19pc, Ghandhara Nissan 1.51pc, Ghandhara Industries 0.64pc, Atlas Honda Cars 0.09pc, Sui Southern Gas 3.81pc, Sui Southern Gas Pipeline 4.91pc, Hub Power Company 2.05pc and K-Electric 1.95pc.

The fertiliser sector continued to garner investor interest as Engro Fertilisers rose 1.14pc, Fatima Fertiliser 1.71pc, Fauji Fertiliser 1.32pc and Fauji Fertiliser Bin Qasim 0.09pc.

Courtesy : Dawn News



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