KARACHI: The rendezvous of leading businessmen of the country with PM, his economic team and COAS yesterday (Thursday 3rd of October, 2019) seems to somehow has augmented the confidence of investors as a result on the week’s last trading day KSE-100 index closed in the green gaining 0.86% settling at 33,033.32 points.
According to details bullish attitude by and large reigned both the sessions particularly in the second session the buying spree continued till the termination of the trading day.
Cement, Steel, Oil & Gas Marketing Cos., Exploration & Production firms and Banks were the major sectors where buying activity was carried out.
With 50.1 million shares changing hands Technology Sector led the trading today. It was followed by Cement Cos. and Engineering Firms with 35.1 million and 31.1 million shares respectively.
WorldCall Telecom traded 33.2 million shares while Dost Steels and Unity Foods followed among the individual entities with 15.2 million and 13.5 million shares.
Today 261.8 million shares changed hands. Overall shares of 387 entities changed hands today and the value of 248 increased, 120 stocks plummeted while 19 remained stagnant.
Major gainers included OGDC with +2.1% and PPL with +0.8% in the exploration and production sector because crude oil edged up in the global market.
Cherat Cement was +4.9%, Fauji Cement was -1.1% , Fauji Fertilizer was +1.9% while Engro Fertilizers was +1.4%, NBP was +5% while Bank AL Habib was +1.2% and UBL was -0.8% at the end of the day.
Though the aforementioned meeting with the Civil and Military leadership of the country had resulted into bullish bourse, Maulana Fazl-ur-Rehman’s proclamation apropos long march and dharna to commence on 27th of October, 2019 is bound to dampen the spirits of the investors.
Moreover, though the known faces comfortably met the Civil and Military leadership, cynics go haywire wondering exactly what kind of assurances they wanted? Do the titanic entrepreneurs want to dictate their terms?
PM spoke about the environmental hazards at the UN, has ever the industries been raided to find out how they are polluting rivers and oceans by discharging untreated poisonous pollutants?
Then the same industrialists make the poor workers work in hazardous environs for 12 hours for a meager amount. As a result workers are forced to move towards their death trying to put food on the table for family.
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