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Index scales new peak despite profit-taking

KARACHI: Bulls continued to run amok at the stock market on Thursday which propelled the KSE-100 index up by 450 points in early trade. However, profit-taking set in later in the day limiting the index gain to 173.08 points (0.37 per cent) at new all time high 46,358.35.

Overall, volumes dec­reased by 6pc over the earlier day to 340m shares, while trading value increased by 2pc to Rs19bn.

According to Topline Securities, index-heavy stocks MCB Bank, Pakistan Oil Fields and The Searle Company cumulatively added 99 points to the day’s gains.

In anticipation of hike in interest rates, investors took fresh positions in the banking stocks where Bank Alfalah, Faysal Bank and MCB Bank posted a gain in the range of 1.8-5pc. Pioneer Cement, following its notice pertaining to commencement of the Waste Heat Recovery (WHR) plant gained 0.9pc.

E&P companies remained on the back burner during the initial half after oil prices dropped in Asian trade as a hike in US interest rates prompted a flood of money away from commodities and into US bonds and the dollar, stated Intermarket Securities.

However, the E&P companies staged a rally on the back of intraday recovery in crude oil with OGDC up 0.99pc, POL 2.34pc, Mari 3.36pc and PPL 1.23pc. Other oil-related shares, NRL was down 0.16pc, ATRL 0.23pc, PSO 0.42pc and SHEL 2.73pc.

JS Global stated in its report that the investors’ interest was seen in textile sector as dollar gained against the rupee in the currency market.

NML rose 5pc and NCL 3.73pc. Automobile sector gained 1.1pc on the back of decline in yen value. PSMC jumped 5pc and HCAR 1.46pc.

courtesy : dawn news



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