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Pakistani stocks surge toward iconic 49k-mar
Last Updated: 2017-01-04 09:19 | Xinhua
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The Pakistan Stock Exchange (PSX) continued the high tide toward the unprecedented 49,000 points on Tuesday as the key index closed at yet another all-time peak with impressive turnovers.

The Pakistan Stock Exchange's benchmark KSE 100-Index jumped by 1.22 percent or 587.27 points to close at all-time highest level of 48,827.55 points on Tuesday when compared with the previous historic peak of 48,240.28 points achieved on Monday.

During the ongoing post-Christmas seven-day bullish streak, the main index has piled up 2,193.56 points.

The KSE All-Share Index augmented by 0.8 percent or 264.07 points to 33,409.78 points, the KSE 30-Index surged by 1.84 percent or 480.32 points to 26,624.60 points, the KMI 30-Index skyrocketed by 2.09 percent or 1,714.25 points to 83,761.75 points, whereas the Islamic All-Share Index expanded by 1.02 percent or 233.85 points to 23,060.39 points.

During Tuesday's trading session, the main index traveled in a broad range of 1,015.77 points as it touched an all-time intraday high of 48,924.57 points as against an intraday low of 47,908.80 points.

Slowdown in foreign selling amid rising oil prices helped the local bourse to post hefty gains to continue its journey toward the psychological barrier of 49,000 points.

The top contributors to the overall gain were Oil and Gas Development Company (OGDC), Engro Polymer (ENGRO), and United Bank Limited (UBL) which produced 169 points together and closed 2.7 percent, 3.5 percent, and 1.9 percent higher, respectively.

Better sales growth in fertilizer sectors helped Engro Fertilizer (EFERT), Fauji Fertilizer Company (FFC) and Fatima Fertilizer (FATIMA) to gain in the bracket of 1.3 percent and 5 percent.

Market volumes improved by 33.07 percent or 124.576 million shares to 501.264 million shares on Tuesday when compared with 376.687 million shares posted on Monday.

Market capitalization swelled by 0.8 percent or 77.418 billion rupees (741.553 million U.S. dollars) to 9.794 trillion rupees whereas trade value jacked up by 44.88 percent or 8.418 billion rupees to 27.178 billion rupees.

Among 430 active scrips on Tuesday, prices of 208 issues advanced, 199 depleted, whereas values of 23 other companies remained stable.

Karachi Electric Limited (KEL), Dost Steels Limited (DSL), and Engro Polymer (ENGRO) led the volume toppers with 61.765 million shares, 28.863 million shares, and 21.257 million shares, respectively. However DSL announced in a notice through PSX stating that expected date of start of its commercial operations will fall around May 2017.

Unilever Foods was the top price gainer with an increment of 150 rupees to 6,000 rupees whereas Sanofi-Aventis led the major price shedders with a decrement of 71.03 rupees to 2,888.68 rupees.

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