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Roundup: Pakistani stocks extend robust rally over hopes of emerging market upgrade

Xinhua, May 5, 2016 Adjust font size:

The Pakistan Stock Exchange (PSX) extended the robust rally on Thursday as investors remained upbeat over chances of Pakistan getting upgraded into the emerging markets, which shouldered the main index close to the psychological 36,000 figure.

The Pakistan Stock Exchange's benchmark KSE 100-Index jumped 1.77 percent or 623.91 points to 35,941.47 points on Thursday when compared with 35,317.56 points reported on Wednesday. During the three-day bullish run, the main index has stockpiled 1,373.95 points. The key index is now only 300 points away from its highest-ever level.

The KSE All Share Index gained 1.36 percent or 331.33 points to 24,620.63 points, the KSE 30-Index elevated by 2.30 percent or 473.94 points to 21,090.67 points, the KMI 30-Index skyrocketed by 1.85 percent or 1,139.18 points to 62,624.35 points, whereas the Islamic All Share Index grew by 1.16 percent or 191.52 points to 16,687.01 points.

During Thursday's trading session, the main index moved in a healthy range of 638.45 points as it touched an intraday high of 35,956.01 points as against an intraday low of 35,317.56 points.

Habib Bank Limited (HBL) gained 4.3 percent while Lucky Cement (LUCK) and Oil and Gas Development Company (OGDC) closed at their upper limits, thereby contributing 102, 81 and 69 points to the index, respectively.

Heavy activity was observed in Engro Corporation (ENGRO) and MCB Bank (MCB) while gaining in the range of 1.8 percent to 3.7 percent.

Market volumes depleted by 10.14 percent or 28.307 million shares on Thursday when compared with 279.266 million shares posted on Wednesday.

Market capitalization improved by 1.36 percent or 99.661 billion rupees (977.074 million U.S. dollars) to 7.405 trillion rupees (72.606 billion dollars) whereas trade value reduced by 8.96 percent or 1.545 billion rupees (15.156 million dollars) to 15.701 billion rupees (153.938 million dollars).

Among 378 active scrips on Thursday, prices of 194 issues advanced, 157 declined, whereas values of 27 other companies stayed unchanged.

Pakistan Telecommunication Company Limited XD, Sui Northern Gas Pipelines Limited, and Pak Elektron Limited were the top traded companies with turnovers of 17.202 million shares, 16.656 million shares, and 15.021 million shares, respectively.

Mari Petroleum was the top price accumulator with increment of 40.12 rupees (39.3 cents) to 842.57 rupees (8.26 dollars) while on the other hand Rafhan Maize SPOT led the major price shedders with decrement of 99.67 rupees (97.7 cents) to 9,000 rupees (88.23 dollars). Endit