KARACHI: securities market was range-bound on Tues with the KSE-100 index periodic narrowly between
the day’s high and low. The index closed up by 50 8.41 points at twenty 9,057.44, once
more crossing the psychological barrier of twenty 9,000 points.
On Tuesday, foreign investors were major consumers of $6.99 million value shares. The overseas
capitalist interest was targeted in banks that received portfolio influx of $4.5m and oil and gas
sector that attracted $1.9m. native institutional and individual investors typically unbroken to the
sidelines, one huge reason being the roll over of derivative throughout the week. Mutual funds
sold-out off shares valued at $5.24m partially to satisfy redemptions and partly to regulate
portfolio attributable to year-end issues. The heavyweight oil and gas sector saw mixed trend with
oil promoting company Shell posting hefty gains whereas PSO losing steam on worries over escalating
circular debt.
Analyst Samar Iqbal expressed that overall, market remained uninteresting attributable to year-end
concentrations. Renewed interest was seen in index heavyweights MCB Bank and UBL serving to them
post gains, whereas Kohat Cement and Cherat Cement hit their ‘upper circuit’. Fauji Cement junction
rectifier the amount leaders with fifteen million shares listed on Tuesday.
“Stocks closed higher junction rectifier by hand-picked oil, banking and cement scrips earlier than
year finish close”, commented Ahsan Mehanti. The analysts believed that the expected payments on
unfinished circular debt of over Rs513bn, higher banking spreads, rising native cement costs and
rupee depreciation compete major role in optimistic activity at KSE.
Analyst Mujtaba Barakzai expressed that mixed sentiments were witnessed at the securities market
with capitalist interest steady increasing in PPL earlier than its book building purchasable of
seventy.05m shares control by the govt..
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