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Stocks hit all-time high for 3rd consecutive day

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(Globalpost/GlobalPost)

Local bourse continued its upward momentum for the consecutive 3rd day of the week. Market closed at all-time high on investor interest in blue chip stocks across the board ahead of quarter-end earnings announcements amid speculations for a rate cut in the upcoming SBP policy announcement after CPI inflation for March stood at 6.57pc MoM.

At local equity market, benchmark KSE 100-share index posted a fresh gain of 230.14 points or 1.25 percent to close the day at 18575.88 points compared to 18345.74 points of the previous day.

Pre-result euphoria kept investors interest in cement and oil sectors. While Unilever buyback brought interest in other food producers also as Efoods, National Foods and Nestle Pakistan closed at their upper circuit breaker, an equity dealer observed here on Wednesday.

KSE allshare-index increased by 220.52 points or 1.70 percent to finish the day at 13155.26 points, KSE 30-share index added 97.03 points or 0.67 percent to finish the day at 14492.20 points while KMI 30-share index enlarged by 607.59 points or 1.88 percent to stop the day at 32919.03 points.

An expert said renewed foreign interest in oil stocks, strong data on urea, DAP and cement sales for Mar '13 played a catalyst role in bullish sentiments at KSE despite concerns for fertilizer stocks after reports of CCP levy of 8.64b on collusion and increasing urea prices.

Market traded 203.382 million shares after opening at 225.214 million shares and the value of traded shares climbed to Rs 8.422 billion from Rs 8.210 billion. The capitalization of equity market maintained at Rs 4.569 trillion as compared to Rs 4.492 trillion of a day earlier.

Trading took place in 357 companies where gainers outnumbered the losers by 202 to 135 while the values of 20 stocks remained intact. UniLever PakSPOT was the biggest price gainer of the day, up by Rs 1676.55 to Rs 15000, followed by Nestle Pakistan Limited, up by Rs 288.69 to Rs 6062.64. Sunrays Textile and Pak Services were the top losers of the day, down by Rs 9.99 to Rs 250 and Rs 5.84 to Rs 200.

Maple Leaf Cement was the volume leader of the day with 20.935 million shares as it closed at Rs 20.32 after opening at Rs 19.68. Lafarge Pakistan was on the second position with 20.004 million shares, added Re 0.13 to Rs 7.13. It was followed by Fauji Cement with 19.108 million shares, grew by Re 0.04 to Rs 8.81, Engro Corporation with 10.501 million shares, higher by Re 0.94 to Rs 136.23 and PIAC(A) with 10.275 million shares, up by Rs 0.04 to Rs 7.01.

http://www.globalpost.com/dispatch/news/asianet/130404/stocks-hit-all-time-high-3rd-consecutive-day