The Karachi stock exchange shut at a new all-time advanced level on the first trading day of the week Monday in the earnings announcement session on renewed hopes launch of $800 thousand as privatisation continues for PTCL from Etisalat, predicted modification in well head gas prices, increasing exports information and expectations for revision in minimum deposit rates.
The Karachi Stock Exchange (KSE) 100-share index gained 135.03 points or 0.59 percent to close at 23,172.35 points as compared to previous session’s 23,037.32 points. The KSE 30-share index gained 139.45 points and closed at 18,129.55 points as compared to 17,990.10 points of the previous session.
“Stocks closed at a new all-time high level in the earnings announcement session led by oil, banks and fertilizer stocks on renewed hopes for release of $800 million as privatisation proceeds for PTCL,” said Arif Habib Corporation Director Ahsan Mehanti. “Other factors that boosted the market included expected revision in gas well head prices, rising exports data and expectations for revision in minimum deposit rates in the banking sector.”
Higher international oil prices, resumption of gas supply to Engro Fertilizer and early resolutions of circular debt issues played a catalyst role in the bullish activity at KSE.
The market turnover went up by 64.25 percent and traded 205.98 million shares as against 125.40 million shares of the previous session. The overall market capitalisation rose 0.60 percent and traded Rs 5.631 trillion as against Rs 5.597 trillion. Gainers outnumbered losers 171 to 162, while 27 stocks were unchanged.
“The week started off positively for KSE, as the 100-share index made a high of 23,389 points,” said JS Research analyst Fahad M Ali. “Profit-taking was witnessed at the market during the session as it closed up by only 135 points.” Engro, NBP and FFBL closed at their upper circuits due to massive interest by local and foreign investors.”
E&P and cement stocks remained under pressure as investors preferred to switch their positions to banks and fertilizers.
The KMI 30-share index gained 6.70 points to close at 40,222.19 points from its opening at 40,215.49 points. The KSE all-share index closed with a gain of 100.75 points to 16,374.60 points as compared to 16,273.85 points of the previous session.
“The 100-share index continued to remain bullish after breaching the 23,000 points level,” said Habib Metropolitan Financial Services analyst Bilal Asif. “During intraday trade the index made a high of 23,388 points while profit-booking by prudent investors pushed the benchmark lower.”
Ali expects the market will remain volatile in the coming session and volumes will remain lacklustre. Investors should take advantage of the volatility and have trading positions in banks.
PIAC (A) was the volume leader in the market as it traded 32.83 million shares as it closed at Rs 9.06 from its opening at Rs 9.87, shedding 81 paisas. Bank of Punjab traded 11.67 million shares and closed at Rs 13.81 as compared to its opening at Rs 13.17, gaining 64 paisas. PTCL traded 10.91 million shares as it closed at Rs 24.83 as against its opening Rs 24.84, losing one paisa. Maple Leaf Cement traded 7.81 as it closed at Rs 25.33 as compared to its opening at Rs 25.10, rising 23 paisas.
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