Karachi stocks rebound after Greece bailout

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KARACHI, Jul 13: Karachi Stock Exchange (KSE) returned to bullish ways on Monday after a three- day bearish run as announce of a Greece bailout package revived international and local markets to recover losses.

The benchmark KSE 100-Index jumped by 1.09 percent or 384.33 points to 35,496.62 points on Monday when compared with 35,112.29 points reported on Friday.

The KSE All Share Index augmented 0.77 percent or 189.10 points to 24,713.89 points, the KSE 30-Index bolstered by 1.22 percent or 268.82 points to 22,228.28 points, whereas the KMI 30-Index skyrocketed by 1.63 percent or 952.20 points to 59.217.10 points.

During Monday’s trading session, the key index touched an intraday high of 35,560.04 points as against an intraday low of 35, 010.83 points.

Renewed interest was witnessed in index heavyweights like Lucky Cement (LUCK), Engro Corporation (ENGRO), Fauji Fertilizer Company (FFC), and United Bank Ltd (UBL), which together contributed 210.11 points the main index’s gain.

In anticipation of better corporate results of cement and chemical sector, Engro Corporation and Fauji Fertilizer Bin Qasim Ltd (FFBL) closed at their upper limit while FFC, Dera Ghazi Khan Cement (DGKC), LUCK and Maple Leaf Cement (MLCF) rallied 2.93 percent, 4.49 percent, 4.92 percent and 2.76 percent, respectively.

Market volumes swelled by 9.34 percent or 29.525 million shares to 345.542 million shares on Monday as against 316.017 million shares posted on Friday, the capitalization gained 0.78 percent or 58.757 billion rupees to 7.633 trillion rupees, whereas the trading value surged by 21.02 percent or 2.281 billion rupees to 13.135 billion rupees.

Among 352 active scrips on Monday, prices of 224 issues advanced, 111 declined, whereas values of 17 other companies stayed unchanged at previous week’s levels.

Pace Pakistan Ltd, Azgard Nine Ltd, and Jahangir Siddiqui Company Ltd were the top traded companies with turnovers of 46.995 million shares, 26.386 million shares, and 19. 590 million shares, respectively.

Philip Morris Pakistan was the top price gainer with increment of 34 rupees to 1,224 rupees while on the flip side Colgate Palmolive led the major price shedders with decrement of 45 rupees to 1,555 rupees.

 

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