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Roundup: KSE surges 1.02 pct on positive triggers

Xinhua, May 27, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) recorded bullish trade on Wednesday with more than double volumes against the previous day's turnovers as investors got inspiration from the government's aggressive GDP and inflation growth targets for the Budget FY2015-16.

The benchmark KSE 100-Index augmented by 1.02 percent or 332.24 points to 32,842.59 points on Wednesday when compared with 32,510. 35 points reported on Tuesday.

The KSE All Share Index bolstered by 0.84 percent or 193.58 points to 23,117.72 points, the KSE 30-Index jumped by 1 percent or 207.25 points to 20,890.26 points, whereas the KMI 30-Index gained 1.01 percent or 546.57 points to 54,523.37 points.

During Wednesday's trading session, the key index touched an intraday high of 32,922.61 points as against an intraday low of 32, 464.12 points.

Government's aggressive growth target (GDP/inflation of 5.5/6 percent) for Budget FY16 renewed investors' interest as market ended on a positive note.

Proposed 10.4 percent higher PSDP allocation led investors to take positions in cement sector. Moreover, proposal on abolishment of import duty on raw material and machinery helped textile stocks. Dollar appreciation against yen also helped in regaining investors ' interest in auto sector.

Market volumes more than doubled with increase of 103.09 percent or 101.575 million shares to 200.102 million shares on Wednesday as against 98.527 million shares posted on Tuesday, the capitalization gained 0.84 percent or 59.297 billion rupees (592. 975 million U.S. dollars) to 7.137 trillion rupees (71.373 billion U.S. dollars), whereas the trading value surged by 70.83 percent or 4.485 billion rupees (44.852 million U.S. dollars) to 10.817 billion rupees (108.178 million U.S. dollars).

Among 360 active scrips on Wednesday, prices of 255 issues advanced, 83 declined, whereas values of 22 other companies stayed unchanged.

Pak Elektron Limited, Fauji Cement, and Byco Petroleum were the top traded companies with turnovers of 27.087 million shares, 20. 243 million shares, and 13.960 million shares, respectively.

Siemens Pakistan was the top price gainer with increment of 47. 39 rupees (47.39 U.S. cents) to 1,106.39 rupees (11.06 U.S. dollars) while on the flip side Indus Dyeing led the major price shedders with decrement of 16.67 rupees (16.67 U.S. cents) to 883. 33 rupees (8.83 U.S. dollars). Endi