KSE 100 index gains 145 points, crossed 12000 level

The Karachi stock market crossed the psychological level of 12,000 points on Thursday on support from foreign interest in blue chips.

Foreign interest was witnessed in oil and gas, bank and fertilizer scrips.

The Karachi Stock Exchange (KSE) 100-share index gained 145.44 points or 1.22 percent to close at 12,031.46 points as compared to 11,886.02 points of the previous session. The KSE 30-share index also rose 141.70 points to close at 11,588.97 points as compared with 11,447.27 points.

“Bullish activity was witnessed in scrips across-the-board on strong foreign interest in oil and gas, bank and fertilizer scrips,” said Arif Habib Investment Ltd Director Ahsan Mehanti. “Higher banking sector spreads, international oil prices over $91 and expectations of strong result announcements played a catalyst role in the positive activity at KSE despite concerns over rising political uncertainty.”

The market turnover went up by 40.33 percent to 140.04 million shares after opening at 99.79 million shares. The overall market capitalisation went up by 1.20 percent and closed at Rs 3.270 trillion as against Rs 3.231 trillion. Gainers beat losers 234 to 146, while 20 stocks were unchanged.

“Across-the-board activity both through local and offshore channels allowed the benchmark to attain yet another milestone of 12,000 points level,” said Aziz Fida Husein and Co analyst Husnein Asghar Ali. “Blue chips, mainly banks and oil did displayed strength, while volumes failed to match the pace.”

Short-term traders however did participate in the rally.

Various news-flows suggesting mergers and acquisitions in the banking sector, latest being interest shown by China in acquiring a large cap bank, and anticipation of stock and cash dividends by leading banking stocks despite apprehensions of lower-than-expected earning in the last quarter results, kept the banking stocks on gaining grounds.

The KMI 30 surged 237.35 points and closed at 19,098.32 points after opening at 18,860.47 points. The KSE all-share index closed with a rise of 98.38 points to 8,362.85 points.

Lotte Pakistan PTA was the volume leader with 17.27 million shares as it closed at Rs 13.75 after opening at Rs 13.19, gaining 56 paisas. NBP traded 11.19 million shares as it closed at Rs 75.92 from its opening at Rs 73.88, rising Rs 2.04. United Bank Ltd traded 7.38 million shares as it closed at Rs 68.02 as compared to its opening at Rs 68.19, shedding 17 paisas. NIB Bank traded 7.09 million shares as it closed at Rs 3.08 as against its opening at Rs 2.78, surging 30 paisas. (DT)

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