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Stocks gain 155 points despite profit-taking

Updated October 31, 2018

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Profit-taking is witnessed during the day which sees the index slip into the red by 87 points before a recovery phase.— File
Profit-taking is witnessed during the day which sees the index slip into the red by 87 points before a recovery phase.— File

KARACHI: Stocks covered further ground on Tuesday with the KSE-100 index adding 155.27 points (0.37 per cent) to close at 41,609.03.

The market kicked off on a positive note and made intraday high by 339 points. Trading remained choppy as individual investors who were the major buyers a day ago, preferred to wait as institutional activity was yet to pick up pace.

Profit-taking was also witnessed during the day which saw the index slip into the red by 87 points, but recovered later due to heavy buying in the cement sector.

Optimism from the prime minister’s visit to China, which was expected to provide a healthy financial package, did not translate into further market excitement. Other news flow was the information minister asserting that the country had overcome the balance of trade issues.

Adviser to Prime Minister on Commerce and Investment, Abdul Razak Dawood, stated said that Pakistan is committed to enhance the economic and trade relations with United Arab Emirates in different sectors to increase trade.

The volume declined 29pc to 328m shares, while the average traded value also dropped by 22pc to reach Rs12.3 billion. Stocks that contributed significantly included Bank of Punjab, Pak Elektron, TRG Pakistan, K-Electric and Engro Polymer and Chemicals, reflecting 36pc of total volume.

Significant highlight for the day was the net buying of shares by foreign investors worth $1.44m. Among local participants, individuals again were the lead purchasers of equity valued at $3.46m.

Sector-wise, cement added 101 points to the index as DG Khan, Maple Leaf, Pioneer and Cherat Cement were in demand — all closing at their ‘’upper circuits’’.

Other major gainers were Lucky Cement, up 2.35pc, and Fauji Cement 2.15pc. Commercial banks were ahead of the cements and contributed 122 points.

Published in Dawn, October 31st, 2018

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