KARACHI – Positive momentum continued at the PSX on second consecutive day as the shares index passed 40000 by gaining 395.89 points (1.0 percent) and to close at 40084.87 points.

The cement sector led the gains on the back of cement dispatches data released by the APCMA, which showed a YoY increase of 16.75 percent for August 2016.Two major gainers in the aforementioned sector were CHCC (3.99 percent and PIOC 3.43 percent.The automobile sector continued to garner investors’ interest as it closed 0.6 percent higher from its previous day close.

Top performers in the aforementioned sector were PSMC (2.87 percent) and INDU (0.45 Percent).“OGDC (1.28 percent) and POL (0.46 percent) in the E&P sector gained to close in the green zone as crude oil prices surged to trade above $45/barrel, ahead of US oil inventory data, due to be announced today,” commented analyst Nabeel Haroon.

Volumes increased by 50 percent to 498 million shares, whereas value increased by 26 percent to Rs17.
7 billion/$170 million. PACE and TRG led the volumes with 108 million shares traded. Out of 446 active scrips, 306 closed in green, 118 declined and 22 remained unchanged.

Mari announced that it had made a significant gas discovery at an exploratory well, Shahbaz-1. Stock gained by 1. 4 percent. Brokers expect the positive momentum to remain intact in the market.

 

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