Bullish sentiment prevails as KSE-100 stages 900-point rally

Index crosses 35,000-mark for the first time in four months

KARACHI: Bulls of the Pakistan Stock Exchange (PSX) remained dominant on the first trading session of the week, as the indices moved north right from the word go, helping the index cross 35,000-mark for the first time in four months.

Foreign investors closed the previous week (Oct 28–Nov 1) as net sellers, offloading equities worth $3.13 million.

According to media reports, cement sector has witnessed a growth of 9.19pc in sales during October 2019. Despatches stood at 4.98 million tonnes as compared to 4.56 million tonnes in Oct 2018. Local sales appreciated by 7pc, while exports surged by 28pc.

The KSE-100 Index recorded an intraday high of 35,309.01 after gaining 931.40 points. The index settled higher by +2.55pc or 899.85 points at 35,277.46. The KMI-30 Index gained 2.57pc to close at 57,560.12, whereas the KSE All Share Index accumulated 462.07 points, ending at 25,192.01.

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Sectors that brought positivity to the KSE-100 Index included banking (+273.40 points), fertiliser (+135.48 points) and oil and gas exploration (+114.23 points). Among the companies, Habib Bank Limited (HBL +94.14 points), MCB Bank Limited (MCB +73.64 points) and Hub Power Company Limited (HUBC +73.38 points) remained the top contributors to the index.

The overall market volumes remained healthy and were recorded at 207.78 million. Fauji Cement Company Limited (FCCL +1.91pc), Hascol Petroleum Limited (HASCOL +1.35pc) and The Bank of Punjab (BOP +1.89pc) secured top positions on the volume chart. The scripts had exchanged 11.18 million shares, 9.40 million shares and 8.78 million shares respectively.

The cement sector gained +4.63pc in its cumulative market capitalization. Big players, D G Khan Cement Company Limited (DGKC +4.98pc), Lucky Cement Limited (LUCK +4.73pc) and Bestway Cement Limited (BWCL +5.00pc) all closed with decent gains following the reports on cement despatches.

Meanwhile, the management of Dandot Cement Company Limited (DNCC -6.56pc), in a notification sent to the exchange, announced that the company would shut down its plant due to lack of finances for its own needs and to invest in the BMR project.

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