KSE-100 rises 221 points in volatile session

KARACHI: The battle between bulls and bears continued for the second consecutive session on Tuesday, with the former managing to close on top.

Foreign investors ended the session on Monday as net buyers. A net inflow of $0.824 million was recorded.

Losing 183.78 points, the benchmark KSE-100 Index recorded its intraday low at 40,259.03. The index then oscillated in both directions, reaching its intraday high at 40,704.22 after gaining 261.41 points. It ended higher by 221.79 points at 40,664.60. The KMI-30 Index clenched 513.14 points to close at 64,518.18, while the KSE All Share Index gained 184.30 points, closing at 28,967.89.

The overall trading volumes declined from 320.04 million in the preceding session to 254.62 million. Unity Foods Limited (UNITY +5.72pc), Fauji Foods Limited (FFL +1.25pc) and K-Electric Limited (KEL +1.31pc) remained the volume leaders of the day. The scripts had exchanged 30.54 million, 19.29 million and 15.85 million shares, respectively.

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Sectors that helped the index accumulate gains included cement (+51.27 points), pharmaceutical (+27.16 points) and banking (+25.39 points). Among the companies, Lucky Cement Limited (LUCK +29.32 points), Pakistan Oilfields Limited (POL +27.26 points) and United Bank Limited (UBL +20.70 points) added maximum points to the benchmark index.

According to a notification sent to the exchange, Millat Tractors Limited (MTL -0.97pc) announced that the company would halt its production for remaining month until January 3, 2020. The company would resume its activities from January 6, 2020.

Meanwhile, the cement sector added +1.98pc to its cumulative market capitalization. D G Khan Cement Company Limited (DGKC +2.05pc), Lucky Cement Limited (LUCK +2.44pc) and Maple Leaf Cement Factory Limited (MLCF +1.77pc) closed with decent gains.

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