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Roundup: Banks, cements help KSE to scale new all-time high

Xinhua, July 3, 2015 Adjust font size:

Pakistan's Karachi Stock Exchange (KSE) surged for the fifth straight day on Friday as buying in cement and banking stocks led the main index to a fresh all-time high above 35,400 points.

The benchmark KSE 100-Index grew by 0.77 percent or 269.79 points to 34,456.35 points on Friday when compared with 35,186.56 points reported on Thursday. During the week that ended on July 3, the key index accumulated 1,571.22 points with all the five trading sessions ending in green zone.

The KSE All Share Index increased by 0.46 percent or 111.81 points to 24,624.59 points, the KSE 30-Index gained 0.86 percent or 190.79 points to 22,313.47 points, whereas the KMI 30-Index swelled by 0.64 percent or 377.70 points to 59,382.81 points.

During Friday's trading session, the key index touched an intraday high of 35,543.72 points as against an intraday low of 35, 186.56 points.

Cement stocks remained in the limelight due to better-than- anticipations cement dispatch numbers while positive remarks by the International Monetary Fund (IMF) over Pakistan's economy fueled interest in banking stocks.

Index heavyweight Lucky Cement (LUCK), United Bank (UBL), Habib Bank (HBL) and MCB Bank (MCB) contributed 130 points to the main index gain.

Market volumes shrank by 12.31 percent or 49.966 million shares to 355.892 million shares on Friday as against 405.858 million shares posted on Thursday, the capitalization improved by 0.46 percent or 34.573 billion rupees (345.739 million U.S. dollars) to 7.602 trillion rupees (76.024 billion U.S. dollars), whereas the trading value ballooned by 1.07 percent or 172.093 million rupees (1.720 million U.S. dollars) to 16.306 billion rupees (163.067 million U.S. dollars).

During the week that ended on Friday, the top Pakistani bourse recorded total volumes of 1.778 billion shares at average daily turnovers of 355.780 million shares.

Among 353 active scrips on Friday, prices of 171 issues advanced, 156 declined, whereas values of 26 other companies stayed unchanged.

Karachi Electric Limited, Jahangir Siddiqui Company Limited, and Pak Int. Bulk were the top traded companies with turnovers of 30.068 million shares, 25.718 million shares, and 19.194 million shares, respectively.

Exide Pakistan was the top price gainer with increment of 49.35 rupees (49.35 U.S. cents) to 1,238.38 rupees (12.38 U.S. dollars) while on the flip side Pak Tobacco led the major price shedders with decrement of 34.05 rupees (34.05 U.S. cents) to 860.85 rupees (8.60 U.S. dollars). Endi