Pakistan bourse slightly up on profit taking in cement sector

Pakistan bourse slightly up on profit taking in cement sector

Pakistan bourse slightly up on profit taking in cement sector
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KARACHI: The Pakistan equity market moved both ways where profit taking was observed in the cement sector in the first half session, as Indonesia banned the export of coal to avoid power outages.

However, aggressive activities were seen in penny stocks, which cumulatively cushioned the market sentiment.

“[The] stocks closed higher led by oil and banking scrip, amid surging global crude oil prices and reports of surging banking assets near to Rs28.79 trillion and [a] decline in non-performing loans,” Ahsan Mehanti at Arif Habib Corp said.

The Pakistan Stock Exchange KSE-100 shares Index gained 0.04 per cent, or 17.05 points, to close at 45,407.89 points. The KSE-30 shares index gained 0.06 per cent, or 10.86 points, to close at 17,870.29 points.

As many as 363 scrips were active, of which 174 advanced, 167 declined and 22 remained unchanged. The ready market volumes stood at 432.06 million shares, compared with the turnover of 375.98 million shares in the last trading session.

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An analyst at JS Global Capital said that Telecard announced that its wholly -owned subsidiary, Supernet, got a major optical fibre supply project from a Pakistani mobile network provider, which kept the share in the limelight.

“Going forward, any correction in the market should be used as an opportunity to accumulate technology, oil and gas exploration, banking and cyclical stocks.”

The companies, which reflected the highest gains included Sapphire Fiber, up Rs72.45 to close at Rs1,070/share; and Bata Pakistan, up Rs51 to close at Rs2,090/share.

The companies that reflected the most losses included Nestle Pakistan, down Rs213.44 to close at Rs5512.05/share; and Blessed Textile, down Rs36.98 to close at Rs463.01/share.

The highest volumes were witnessed in WorldCall Telecom with a turnover of 75.59 million shares. The scrip gained 19 paisas to close at Rs2.36/share; followed by Unity Foods with a turnover of 66.8 million shares, as it gained 79 paisas to close at Rs2.27/share. Telecard Limited remained the third with a turnover of 23.8 million shares, gaining 65 paisas to finish at Rs17.96/share.

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