The first day of the week saw stocks in green as the benchmark KSE-100 index climbed 585 points and closed at 41,850 – up by 1.4 percent. One of the major factors behind this was the encouraging announcement of the Financial Action Task Force (FATF) on Friday.
The market forces were relieved by the acknowledgment given by FATF with regards to the progress made by Pakistan in the last few months by complying to 21 out of 27 points of action.
Cement stocks were seen up today. Autos and oil & gas marketing companies also gained in anticipation of stronger sales in October.
The largest player in the cement sector, Lucky Cement Ltd, reported a higher-than-expected jump in net profits during 1QFY21 at Rs5.13 billion compared to Rs1.5bn during the same period last year. The company’s net sales increased 66 per cent year-on-year (YoY) with cement sales rising 49pc on the back of higher dispatches.
The announcement put a spotlight on the overall sector amid rising demand for cement due to an increase in construction activities.
Hammad Azhar, Federal Minister for Industries and Production also tweeted on today’s rally in stock market.
