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Pakistan stocks up 1.4 percent in hopes of China package

KARACHI: Pakistan stocks bounced back after decline of a couple sessions and increased 1.43 percent after finance minister said they received economic package from China, traders said.

Analyst Murtaza Jafar at Elixir Securities said Benchmark KSE100 Index closed in green with aggressive buying witnessed in Construction and Materials Sector as investors cheered clarification from Finance Minister on Prime Minister Imran Khan’s visit to China where he successfully secured economic package of $6.0 billion.

“Going forward, investors are expected to follow developments on financial program negotiations with IMF delegation,” Jafar said.

The Pakistan Stock Exchange’s (PSX) benchmark KSE 100-share Index closed higher 585.45 points or 1.43 percent to 41,543.98 points against 40,958.53 points recorded in the last session. The highest index of the day remained at 41,598.39 points while the lowest level of the day was recorded at 40,958.53 points.

KSE-30 Index also increased 309.15 points or 1.57 percent to 20,039.51 points against 19,730.36 points.

Turnover surged by 46 million shares to 276.92 million shares from 230.36 million shares. Trading value increased to Rs11.01 billion from Rs9.67 billion while market capital expanded to Rs8.26 trillion from Rs8.19 trillion. Out of 375 companies’ active in the session, 284 closed in green, 75 in red while 16 remained unchanged.

Lucky Cement Limited (up 4.56 percent), D.G Khan Cement Company (5.0 percent) and Pioneer Cement Limited (up 5.0 percent) were the star performers today while Bank of Punjab (up 5.14 percent) and Lotte Chemical Pakistan Limited (up 5.59 percent) were volume leaders today with combined around 56 million shares traded today.

Highest increase was recorded in shares of Wyeth Pak Ltd, which rose Rs60 to Rs1,260 per share, followed by Lucky Cement that increased Rs22.85 to Rs494.37 per share. Major decline was noted in shares of Pak Tobacco, which fell Rs105.31 to Rs2,194.19 per share, followed by Khyber Tobacco that decreased Rs30 to Rs570 per share.

Significant turnover was recorded in stocks of Bank of Punjab, Lotte Chemical, Pak Elektron, Engro Polymer, TRG Pak Ltd, Unity Foods Ltd XD, Fauji Cement,  Maple Leaf XD,Pak Int. Bulk and PIAC (A).

Shares’ turnover in the future contracts rose to 106.26 million shares from 87.44 million shares traded in the previous session.

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