Moody’s, APC help bulls-run on Karachi stocks | Pakistan Today

Moody’s, APC help bulls-run on Karachi stocks

The Karachi stocks market witnessed a bullish trend Tuesday on the back of politico-economic positives, prominently Moody’s favourable remarks regarding IMF’s $6.64 billion loan for the dollar-hungry Pakistan.
The day saw the benchmark KSE 100-share index gaining 153.33 points, 0.67 percentage, to close at 22,992.17 points. The index had finished at 22,838.54 points on the previous day.
The free-float KSE-30 index too set in the green zone having gained 95.45 points at 17,859.81 points against Monday’s 17,764.36. “(The) stocks closed bullish amid higher trades after International Rating Agency Moody’s termed $6.6 billion loan approval for dealing of economic crises in Pakistan is credit positive,” said Ahsen Mehanti of Arif Habib Corporation.
The analyst said the Asian Development Bank’s assent to $245 million loan for Pakistan’s for power sector, easing political concerns after the national leaders decided to hold talks to tackle terrorism during APC meeting and the finance minster’s remarks on no IMF deal regarding devaluation of rupee paved the way for exchange rate stability in the country.
“The rally was led by oil and cement stocks on strong valuations followed by higher local prices,” said Mehanti. He said consolidation continued as the equity investors awaited the State Bank’s policy rate announcement this week. The trading turnover at the ready-counter was recorded higher at 265 million shares compared to 212 million traded a day earlier. The scrips traded also moved upward by Rs 2 million in terms of value climbing to Rs 9.7 billion from the previous Rs 9.5 billion.
Of the total 357 scrips traded on the day 220 gained value, 109 lost and 28 remained unchanged. The market capitalisation also rose by Rs 4 billion to Rs 5.65 trillion as against Rs 5.61 trillion of the previous trading session. Fauji Cement appeared as a volume leader of the day by counting 42.737 million of its listed shares traded. The scrip appreciated by 68 paisas by closing at Rs 14.18.
Other well performing equities included PIA, DG Khan Cement, Lafrage Pak, PTCL, Bank of Punjab, Nimiri Industries Chemicals, Maple Leaf Cement, Dewan Cement and Dewan Motors. The future marker too remained bullish as the trading turnover swelled to 27.49 million shares from 22.45 million of Monday.

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