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Cements help index continue record-breaking streak

KARACHI: A broad rally led by the cement sector on Thursday carried the KSE-100 index to its fourth consecutive day of gains.

The benchmark added 242 points, or 0.51 per cent, to close at another all-time high of 47,666.66.

As investors’ participation increased, volumes jumped 43pc to 390 million shares while the value rose 13pc to Rs18.6bn.

Investors seemed en­thus­ed as the index opened up 242 points and also closed marginally below its intraday high.

Fauji Cement and Dawood Hercules stood out as major contributors to the index gains, cumulatively adding 58 points. Fauji Cement hit its upper circuit and Dawood Hercules rose 3pc.

Global Securities dealer Abra Juma observed that the major support towards the index came from Fauji Cement due to the investors’ optimism over the early restart of the company’s closed plant.

Moreover, the cement sector remained in the limelight with the highest turnover of 63mn shares. “DG Khan, Cherat and Maple Leaf gained in the range of 0.7pc-1.2pc,” according to dealers at Topline Securities.

Ahsan Mehanti at Arif Habib Corp said that the rising banking spreads, speculations ahead of the revised auto policy, increasing local urea prices and a strong earnings impact of CPEC-related projects on cement and steel sectors played the role of a catalyst amid concerns about foreign outflows.

“Gains to the upside were underpinned by a movement in cements, fertilisers, textile, autos, multi-utilities and pharmaceuticals,” said analysts at Intermarket Securi­ties.

Energy stocks took a breather amid profit-taking in OGDC -0.12pc, POL -0.42pc, PPL -1.21pc, PSO -0.42pc, HUBC -0.61pc and KAPCO -0.03pc.

courtesy : dawn news

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