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stocks extend overnight rally on $13bn debt rollover

As the benchmark maintained its earlier momentum due to anticipation of a rollover of a $13 billion international debt payment, shares increased on Tuesday.

According to Topline Securities, investors appreciated the decline in global coal prices, which brought the cement industry to public attention.

Arif Habib Ltd claims that despite the index staying in the positive territory all day, the session was range-bound.

The trading day saw little investor activity as they persisted in looking for bargains across the board. Due to a favorable trend in coal prices globally, the share prices of companies in the cement sector came under scrutiny.

As a result, the KSE-100 index settled at 42,265.36 points, up 218 points or 0.52 percent from the preceding session.

The trading volume decre­ased 1.2pc to 237.4 million shares while the traded value went up 6.5pc to $26.2m on a day-on-day basis.

Stocks contributing significantly to the traded volume included Fauji Foods Ltd (31m shares), WorldCall Telecom Ltd (22.9m shares), Cnergyico PK Ltd (14.3m shares), Hascol Petroleum Ltd (13.4m shares) and HBL Total Treasury ETF (8.8m shares).

Sectors that contributed to the index performance were commercial banking (97.9 points), cement (61.6 points), fertiliser (43.2 points), exploration and production (40.3 points) and automobile assembling (26.7 points).

Reliance Cotton Spinning Mills Ltd (Rs43.85), Khyber Tobacco Company Ltd (Rs32.49), Shield Corporation Ltd (Rs18.46), Indus Motor Company Ltd (Rs15.35), and Al-Abbas Sugar Mills Ltd. were the companies with the largest increases in their share prices in absolute terms (Rs14).

Rafhan Maize Products Company Ltd. (Rs854), Allawasaya Textile and Finishing Mills Ltd. (Rs249.16), Pakistan Services Ltd. (Rs29.30), Pakistan Tobacco Company Ltd. (Rs20), and Blessed Textiles Ltd. were the stocks that decreased the most in rupee terms (Rs18.88).

Foreign investors continued to be net purchasers, purchasing $0.12 million worth of shares.

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