KSE-100 breezes through 42,000-point level

kse-100-breezes-through-42000-point-level

KSE-100 breezes through 42,000-point level KARACHI: The PSX rallied following in the footsteps of regional markets on Monday with the KSE-100 index going up 291.98 points (0.71 per cent) to breeze through the 42,000-point level and close at an all-time high of 42,133.54 points.

Adding to the last week’s gains of 4.97pc, the KSE-100 index has provided a return of 5.68pc in just about six sessions. The extension in the hearing date by the Supreme Court appears to have given confidence to investors.

Volumes came off by 26pc to 333 million shares on Monday over last Friday’s turnover at 452m shares while the trading value decreased 6.5pc to Rs14.2 billion from Rs15.3bn.

According to dealers at Topline Securities, MCB Bank, Pakistan Oilfields (POL), Mari Petroleum (MARI) and United Bank (UBL) together contributed 96 points to the index gains.

Attock Refinery closed at its upper-price limit as the refinery’s isomerisation plant became operational. Analysts at Intermarket Securities said the major gains to the KSE-100 index came from MCB 1.53pc, UBL 1.37pc, POL 2.25pc, MARI 5pc and TRG Pakistan 4.1pc, which added 111pts. On the flip side, Hub Power -1.24pc, Nestle Pakistan -0.94pc and Indus Motor -1.42pc took away 32 points.

Banks staged a comeback with major contributions to the upside coming from Allied Bank 1.05pc, Bank Alfalah 0.92pc and National Bank 0.27pc in addition to MCB and UBL.

In autos, Ghandhara Industries and Ghandhara Nissan hit the upper circuit as the two companies signed an agreement with French automaker Renault for the local production of its vehicles.

On the flip side, the performance of Pak Suzuki -0.47pc, Indus Motor -1.42pc and Honda Cars 0.49pc lacked lustre.

Source: http://www.dawn.com/news/1294904/kse-100-breezes-through-42000-point-level

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