Stocks edge up

Karachi Stock Exchange saw a positive trend on the first day of the new trading week Monday and the benchmark 100-index gained 70 points to close at 25,853 points against 25,783 points Friday. During the intraday trading, the main index touched 26,044 highest and 25,783 lowest levels. The market capitalisation ended lower at Rs 6.277 trillion against Rs 6.279 trillion. The trading side however witnessed healthy volumes and settled at 241.037 million shares from 234.880 million shares.
Commenting on the market performance, analysts said Pakistan stocks closed higher on strong valuations after TTP announcement of a unilateral cease-fire and government halted airstrikes on militant hideouts. Rising local cement prices, easing political uncertainty and many other issues played a catalyst role in positive close at KSE despite concerns for gas shortfall for fertiliser and textile units, they added. Overall, 367 companies were declared active on the readyboard. Some 193 scrips posted gains while 159 lost their worth. Rates of 15 cos stayed unchanged.
Two top gainers for the day were Rafhan Maize, which climbed by Rs 199 to Rs 7499 and Siemens Pakistan, which shot up by Rs 57.25 to Rs 1202.25. The top losers were Nestle Pak, which shed Rs 439.06 to Rs 8847.94 and Island Textile, which lost Rs 57.40 to Rs 1090.60. Of the Top 10 volume leaders, Bank of Punjab (R) SPOT led the tally with 28m shares. It lost 18 paisa to close at -07 paisa; Maple Leaf Cement gained 78 paisa to close at Rs 30.58 on 22m shares; and Japan Power rose by 45 paisa to close at Rs 3.39 on 13m shares.
Dewan Cement improved by 45 paisa to close at Rs 9.35 on 13m shares; TRG Pakistan gained 27 paisa to Rs 14.96 on 12m shares; and Lafarge Pak suffered a loss of 46 paisa to close at Rs 11.04 on 10m shares. Jahangir Siddiqui Company gained 46 paisa to close at Rs 10.21 on 9m shares; Fauji Cement rose by 16 paisa to close at Rs 16.52 on 8m shares; Bank Al-Falah fell by 65 paisa to close at Rs 27.54 on 7m shares; and Southern Electric bagged 27 paisa to close at Rs 2.73 on 6m shares.