137-point gain take index new peak of 41123


137-point gain take index new peak of 41123 KARACHI: Stocks continued to climb for the third successive session on Tuesday with the KSE-100 index accumulating 137.66 points (0.34 per cent) to settle at new all-time high of 41,123.97.

Volumes were almost flat at 560 million shares against 568m shares a day ago while value also saw slight decrease to Rs17.3 billion, from Rs17.6bn.

Foreign investors took profit through the sale of $9.98m worth stocks, about half of the outflow from the fertiliser sector. But the comparable buying by individuals absorbed all of the foreign sell-off. Major support came from banking sector as the SBP announced intention to issue Rs1.425 trillion worth of government papers during October-December 2016 coupled with receding expectation of any cut in policy rate due to rising CPI. Gainers led by UBL (1.48pc), MCB Bank (1.37pc), BOP (7.09pc), HBL (0.71pc) and NBP (1.46pc).

Cements came under selling pressure due to overnight increase in coal prices with Richard bay coal trading at $75.70 from $67.65 in the previous session, threatening margin attrition on the back of rising input cost.

DGKC fell 1.32pc, FCCL 1.82pc KOHC 0.84pc and LUCK 0.16pc. Meanwhile CHCC gained 2pc and DCL 5pc, said analysts at Intermarket Securities. E&P staged a comeback with PPL added 0.40pc and POL 1.28pc to go along with other energy players like PSO up 0.45pc, HASCOL 0.47pc and ATRL 0.06pc.

Dealers at JS Global suggested that the drop in cement stock prices was on the news that HBFCL had suspended loan facility for new applicants putting a number of residential housing projects at risk. Reports suggesting that the government might allow export of additional 0.35 million tonnes of sugar garnered investor interest in the sugar and allied industries. HABSM and FRSM closed on their upper circuits.

Source: http://www.dawn.com/news/1287991/137-point-gain-takes-index-to-new-peak-of-41123

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