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Stocks stage 359-point rally on fertilisers

Stocks stage 359-point rally on fertilisers

KARACHI: The rally at the stock market gained momentum on the fourth consecutive day with the KSE-100 index gaining 358.80 points (1.07 per cent) to close at 33,808.42.

Potential re-rating due to the likely inclusion of Pakistan in MSCI Emerging Market index led to improved market participation, the strong growth of 36pc (163m shares) in volume evidenced investors’ interest.

Stocks in cement sector continued to attract investor attention in anticipation of healthy sales. MLCF, DGKC and FCCL gained between 2.3pc to 3.2pc.

FFBL closed at its upper-limit (up 5pc) after it announced commercial operations of Fauji Meat Ltd, a subsidiary company. FFC which holds 49.8pc in FFBL followed the trend as it closed up 2.2pc.

Global crude prices rebounded on Monday, which led all major oil scrips close marginally in the green zone. PSO (4.53pc), BYCO (3.30pc) and Hascol (1.9pc) led the gainers. Analysts at Global Securities reckoned that PSO garnered investors’ attention due to robust petroleum off-take during the quarter.

Other gainers were FFC (2.16pc), NESTLE (4.84pc), LUCK (1.94pc) and HBL (1.14pc).

Ahmed Saeed Khan at JS Global observed that the rally was witnessed in the fertiliser sector where all major players remained comfortably in the green zone throughout the day; FFBL was the star performer.

Other notable mentions were PAEL (up 3.78pc) and MUGHAL (2.17pc). Downside contribution was limited and came from PAKT, NATF and FABL.

Analysts Ahsan Mehanti at brokerage Arif Habib Corp stated that OMCs, fertilisers and cement stocks led the run-up in prices ahead of quarter end earning announcements.

Courtesy : Dawn News



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