KARACHI
\nFollowing initial volatility, the Pakistan Stock Exchange (PSX) extended its overnight bull run as the banks, oil and gas, and cement sectors attracted renewed investor interest in the weekend session, pushing the benchmark index above 162,000 points before settling slightly below this level towards the close.
\nAccording to Topline Securities, the KSE 100 share index gained 1,277.69 points or 0.8 per cent to close at 161,935.19. This positivity can be attributed to the parliament\u2019s approval of the 27th Amendment, which clarified the political outlook and eased recent investor concerns.
\nThe other supporting factor that improved investor confidence following a brief downturn was the scheduling of the IMF\u2019s executive board meeting on December 8 to approve $1.2bn for Pakistan under the EFF and RSF programmes.
\nThe top positive contribution to the index came from Habib Bank, United Bank, Maple Leaf Cement Factory Ltd (MLCF), Oil and Gas Development Company, and Pakistan Petroleum, which together contributed 514 points.
\nAccording to Insight Securities MLCF, in its latest notice issued through Next Capital, it announced that it was evaluating the acquisition of 58.03pc of Pioneer Cement shares through a negotiated agreement, along with a further 11.72pc via a public offer, subject to the finalisation of commercial terms, execution of definitive agreements, and receipt of regulatory approvals.
\nFrom an industry perspective, this transaction will further consolidate the cement industry. To note, the top five cement players held 52pc capacity-based market share in 2015. If both the ACPL and PIOC acquisitions materialise, the capacity-based share of the top five players would rise to 75pc.
\nDespite a bullish trend, market activity weakened, with trading volume falling 15.52pc to 673 million shares and total value dipping 1.36pc to Rs35.1bn. Pace Pakistan led the volume board with 51.75 million shares traded.<\/p>\n","protected":false},"excerpt":{"rendered":"
KARACHI Following initial volatility, the Pakistan Stock Exchange (PSX) extended its overnight bull run as the banks, oil and gas, and cement sectors attracted renewed investor interest in the weekend session, pushing the benchmark index above 162,000 points before settling slightly below this level towards the close. According to Topline Securities, the KSE 100 share […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-514842","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n