The Pakistani stock market closed higher yesterday as the market steadied amid news that the major political parties had reached consensus on election related issues and a government delegation met a cleric leading a protest in the capital.
Mid cap stocks remained active. The greatest volumes of trade occurred in Fauji Cement stocks, followed by finance firm Jahangir Siddiqui and Byco Petroleum, said dealer Samar Iqbal at Topline Securities.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.68 percent, or 109.62 points, higher at 16,291.09.
Fauji Cement rose 2.37 percent to 6.90 rupees per share while Byco Petroleum was up 3 percent to 13.37 rupees per share.
D.G. Khan Cement dropped 0.74 percent to 51 rupees per share and Lucky Cement fell 0.22 percent to 146.60 rupees per share.
In the currency market, the Pakistani rupee ended steady at 97.58/97.65 against the dollar, compared to Wednesday’s close.
Overnight rates in the money market remained flat at 9.40 percent.
ISE-10 stays bullish
Islamabad Stock Exchange (ISE-10) here yesterday witnessed bullish trend as the index was up by 19.21 points to close at 3159.49 as compared to the previous day’s closing. The improving political situation in the country led the positive sentiments in the local stock market, said Zaheer Ahmed, Stock Analyst of Aba Ali Habib Pvt Ltd while talking to APP. Besides, the expectation of the positive earning of the corporate sector to be announced in the near future had also helped the market to close at green area, he added. Ahmed told that due to this, the punters were seen very busy in the intra-day trading especially in the cement and banking sector. The major positions were taken in the low-priced scrip including banking and cement and these positions were not squared up at the closing of the bourse which was the positive indication for the capital market in the future, Stock Analyst further said. A total shares traded was 73,500, which was up by 54,500 when compared it with a day earlier’s closing. Out of 137 companies’ shares traded, the price of 82 was increased while the price of 55 decreased. The price of top gainer Abbot Laboratories was increased by Rs.9.20 while the price of top loser Gatron Industries decreased by Rs.5.90. Fauji Cement Company, Maple Leaf Cement and Askari Bank remained volume leaders on Thursday, with volume of 33,500, 20,000 and 10,000 shares respectively.
