Daily Times

KSE 100 Index gained 219 points as the winning streak continues and closed at 35,978 points, with an increase 0.61% from yesterday’s session closing as bullish sentiments continued to prevail in the market.

The Index remained positive throughout the session touching an intraday high of 36,047.30

Of the 95 traded companies in the KSE-100 Index 51 closed up 39 closed down, while 5 remained unchanged. Total volume traded for the index was 105.49 million shares. All share volume decreased by 55.39 million to 210.57 million shares. Market cap increased by Rs.28.03 Billion

Sectors that propping up the index were Commercial Banks with 93 points, Oil & Gas Exploration Companies with 64 points, Fertilizer with 46 points, Investment Banks with 31 points and Oil & Gas Marketing Companies with 13 points.

The most points added to the index was by Muslim Commercial Bank which contributed 33 points followed by UBL with 30 points, DAWH with 30 points, OGDC with 27 points and ENGRO with 27 points.

Sector wise, the index was let down by Power Generation & Distribution with 23 points, Cement with 14 points, Chemical with 12 points, Tobacco with 8 points and Technology & Communication with 4 points.

The most points taken off the index was by Hub Power Company which stripped the index of 27 points followed by Colgate Company with 13 points, DG Khan Cements with 10 points, Phillip Morrison with 8 points and Fauji cements with 7 points.

Total companies traded were 370 compared to 366 from the previous session. Of the scrips traded 206 closed up, 144 closed down while 20 remained unchanged.

Senior vice president BMA capital management, Irfan Saeed said market inherently was in a correction mode as the individuals and mutual funds were on a selling spree while the foreign investors were cherry-picking blue chip items such as ENGRO fertilizers and ENGRO corporations, amid attractive dividend yields. Saeed added that the investors, however, should tread cautiously amid prolonged Islamabad sit-in.

Meanwhile, The International Monetary Fund (IMF) asked the government to achieve the revenue target, keep a lid on issuing new guarantees and put into effective implementation the circular debt reduction strategy. The IMF mission appreciated progress on the implementation of the programme so far but emphasised that there was no room for complacency in any of the key areas going forward. The IMF has also called for a strict adherence to Rs1.6 trillion worth of government guarantee limit and discussed various options with the ministries of finance and power regarding tariff issues, claimed the media report.