KARACHI: Stocks managed to climb further up on Tuesday, after a volatile session and with thin investor participation.
The KSE-100 index juggled between 21 low and 187 points high before settling at 37,392.29, an addition of 40.02 points (0.11 per cent) . Intraday, the index touched an all-time high of 37,539.14 points.
Volumes for benchmark index nosedived by 38pc day-on-day owing to start of Ramazan. KEL alone traded 44m shares accounting for 31pc of the market volume of 140m shares, as euphoria for KEL’s increased output continued in the market. “Rejuvenated interest was also witnessed in FCCL up 2.28pc due to enticing valuations provided by the scrip trading at its six-month low of Rs33.60,” said dealers at Global Securities.
From sector perspective refineries, OMCs, fertilisers, banks and select autos and cements were gainers. Major support towards the index came from FML rose 5pc, PPL 4.09pc, SEARL 5pc and LUCK 1.57pc with cumulative contribution of 168 points.
However, FFC fell 1.44pc, DAWH 2.54pc, EFERT 2.65pc and Engro 0.59pc dragged the index down by 67 points. Rally was witnessed in OGDC gained 0.94pc and PPL 3.87pc after the US government data forecast showed that crude stockpiles dropped for a third consecutive week, thus pushing the price of crude up to $50.50 a barrel.
Rally in the pharmaceutical sector continued after the Drug Regulatory Authority of Pakistan updated its SOP’s for annual increase in drug prices, which is linked to inflation. Top performer of the aforementioned sector was SEARL up 4.85pc.
Analyst Ahsan Mehanti at Arif Habib Corp commented that the Cabinet Committee on Privatisation approvals on divestment of Mari Petroleum, investor speculations ahead of likely MSCI upgrade next week, rising global crude prices and record development spending plans in the federal budget played a catalyst role in positive close.
Courtesy : Dawn News