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Pakistan stocks up 2.2 percent; turnover at 18-month high

KARACHI: Positive momentum continued with 2.2 percent increase at Pakistan Stocks Monday after Saudi Arabia’s bailout support of $6.0 billion while turnover reaches at 18-month high level, traders said.

According to Arif Habib Ltd team said, “Today’s volume of 460 million shares at the bourse rank second after May 24, 2017.”

“Market maintained its ascent on the first trading day, all courtesy of improved sentiment from successful KSA visit and impending visits to Malaysia and China. Besides, investors expect Govt. to score success with other Gulf countries as well,” said the team.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed higher 897.31 points or 2.21 percent to 41,453.76 points against 40,556.45 points recorded in the last session. The highest index of the day remained at 41,510.19 points while the lowest level of the day was recorded at 40,556.45 points.

KSE-30 Index also rose 481.76 points or 2.46 percent to 20,067.99 points against 19,586.23 points.

Turnover increased by 93 million shares to 461.06 million shares from 368.34 million shares. Trading value rose to Rs15.82 billion from Rs13.98 billion while market capital expanded to Rs8.30 trillion from Rs8.16 trillion. Out of 410 companies’ active in the session, 274 closed in green, 121 in red while 15 remained unchanged.

Lucky Cement Limited (up 5.0 percent) announced consolidated first quarter FY19 earnings per share of Rs9.14, higher than market estimate due to lower than expected taxation (while gross profit was in-line with estimates). Meanwhile, Nishat Chunian Limited ( up 5.0 percent) announced its first quarter FY19 earnings per share at Rs5.68, up 3.4 times year on year.

Highest increase was recorded in shares of Wyeth Pak Ltd, which rose Rs62.88 to Rs1,320.63 per share, followed by Nestle Pakistan that increased Rs55 to Rs9,500 per share. Major decline was noted in shares of Colgate Palmolive, which fell Rs101 to Rs2,352 per share, followed by Service Ind. Ltd that decreased Rs25.69 to Rs716.20 per share.

Significant turnover was recorded in stocks of Bank of Punjab, K-Electric Ltd, Lotte Chemical, Power Cement, Engro Polymer, Aisha Steel Mill, Fauji Cement, Pak Int. Bulk, Azgard Nine and Nishat (Chunian) Ltd XD.

Shares’ turnover in the future contracts, however, dropped to 107.59 million shares from 187.75 million shares traded in the previous session.

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