Sideboard shares lead KSE-100 index higher


Sideboard shares lead KSE-100 index higher KARACHI: The benchmark KSE-100 index rose for the fourth consecutive session on Wednesday, edging up by 129 points (0.31 per cent) to close at its new all-time high of 41,253.

The volume of shares traded during the day rose 17.5pc to 658 million shares and the value increased 4pc to Rs18 billion over the last session. All top 10 volume leaders were the second- and third-tier stocks, which together accounted for 290m shares (44pc) of the index volume.

KSE-30 index fell by 10.78 points (0.05pc). Foreign in­­­ves­­­­­­tors sold equity worth net $0.90m on Wednesday, taking out $1.35m from the exploration and production sector and putting in $1.12m in cement stocks.

As coal prices hit 30-month high, it sent cement shares down, with Maple Leaf Cement falling 0.59pc and Fauji Cement 1.74pc. However, Lucky Cement rose 4.5pc.

Selected banks remained on investors’ radar after the rising trend witnessed in inflation. Major contribution to the upside came from MCB Bank (up 0.85pc), Bank of Punjab (6.03pc) and National Bank of Pakistan (1.06pc) while United Bank (down 1.35pc) and Habib Bank (0.55pc) dragged the index down.

Ahmed Saeed Khan, an analyst at JS Global, pointed out that profit-taking was witnessed in the oil sector despite global crude oil prices climbing to a three-month high after weekly industry data indicated that US crude stockpiles plunged last week easing the global glut. Pak­is­tan Petroleum dropped 2.76pc, the Oil and gas Deve­lopment Company 0.08pc and Pakistan Oilfields 0.01pc.

On the other hand, shares of tractor manufacturers rallied on the back of reduced general sales tax on tractors along with anticipation of better than previous sales numbers for the month of September. Resultantly, Millat Tractors and AL-Ghazi Tractors closed at their upper limits.


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