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PSX gains as global equities rally

Xinhua, April 6, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) returned to bullish ways on Wednesday after global equities staged a strong comeback, which helped the local cements and oil stocks to gain value.

The Pakistan Stock Exchange's (PSX) benchmark KSE 100-Index surged by 0.53 percent or 179.88 points to 33,946.37 points on Wednesday when compared with 33,766.49 points recorded on Tuesday.

The KSE All Share Index grew by 0.58 percent or 135.15 points to 23,347.72 points, the KSE 30-Index expanded by 0.56 percent or 108.72 points to 19,654.46 points, the KMI 30-Index increased by 0.5 percent or 296.14 points to 59,966.15 points, whereas the Islamic All Share Index swelled by 0.15 percent or 24.19 points to 16,030.06 points.

During Wednesday's trading session, the main index travelled in a narrow band of 266.58 points as it touched an intraday high of 34,033.07 points as against an intraday low of 33,766.49 points.

After All Pakistan Cement Manufacturers Association (APCMA) announced higher sales numbers for cement sales, interest was witnessed in cement sector scrips where Dera Ghazi Khan Cement (DGKC), Maple Leaf Cement (MLCF), and Fauji Cement Limited (FCCL) closed up 1.1 percent, 1.9 percent, and 0.3 percent, respectively.

Oil stocks gained on the back of bullish trends in international oil markets. Pakistan Oilfields Limited (POL), Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) gained in the range of 0.4 percent to 1.5 percent.

The Pakistan Telecommunication Company Limited (PTCL) jumped 3.5 percent after news that Pakistan Telecommunication Authority (PTA) has started its consultation process to impose a floor price for cellular operators on call charges.

Despite bullish trend on Wednesday, market volumes decreased by 9 percent to 298.765 million shares when compared with trade of 327.624 million shares posted on Tuesday.

Market capitalization ballooned by 0.57 percent or 39.709 billion rupees (389.310 million U.S. dollars) to 7.045 trillion rupees (69.069 billion dollars) whereas trade value depleted 21.36 percent or 2.915 billion rupees (28.578 million dollars) to 10.731 billion rupees (105.212 million dollars).

Among 372 active scrips on Wednesday, prices of 246 issues advanced, 109 skidded lower, whereas values of 17 other companies stayed unchanged.

Karachi Electric Limited, Jahangir Siddiqui Company Limited, and TRG Pakistan Limited were the top traded companies with turnovers of 25.555 million shares, 24.415 million shares, and 21.432 million shares, respectively.

Nestle Pakistan was the top price gainer with increment of 278 rupees (2.72 dollars) to 7,878 rupees (77.23 dollars) while on the other hand Rafhan Maize XD led the major price shedders with decrement of 265 rupees (2.59 dollars) to 7,820 rupees (76.66 dollars). Enditem