The Karachi
stock market on the last trading day of the week Friday made an intraday high
of 25,000 points for the first time in the history of Pakistan
Analysts
cited hopes for improved Indo-Pak bilateral relations and interest of
international investors in setting up power plants in Pakistan
The
Karachi Stock Exchange (KSE) 100-share index gained 69.86 points or 0.28
percent to close at 24,870.55 points as compared to previous session’s
24,800.69 points. The KSE 30-share index rose 10.48 points to close at
18,624.99 points as against 18,614.514 points.
“After
testing the psychological level of 25,000 points the index was seen scaling
back to close at 24,870 points,” said Habib Metropolitan Financial Services’
Muhammad Sultan. “During the second session the index pared gains posted
earlier in the day, largely driven by profit-taking by risk averse investors.”
The
analyst believed positive sentiments will drive the market upwards; however
negative headwinds emanating from pressure on foreign exchange reserves and a
depreciating currency can be inimical triggers to watch out for. The 100-share
index might test 25,000 points and can possibly cross that barrier.
The
market turnover went up 27.94 percent and traded 241.17 million shares as
against 188.49 million shares of the previous session. The overall market
capitalisation gained 0.18 percent and traded Rs 6.013 trillion as compared to
Rs 6.002 trillion. Gainers outnumbered losers 180 to 153, while 26 stocks were
unchanged.
“With
no sign of weakness observed despite the technically overbought state, the
100-share index marched past another milestone of 25,000 points and concluded
today’s session at an all time high of 24,871 points,” said JS Rsearch analyst
Wasi M Khan. “Investors are actively participating in the market as witnessed
by higher trading volumes, which indicates that the bullish tread is still
intact. This is despite of today’s news flow that the government is unlikely to
meet FY14 fiscal deficit target due to its inability to achieve revenue target
and expected slippages in subsidy and interest payments.”
The
exploration and production, banking and cement sectors remained in the
limelight. Main movers were OGDCL which established a new high around Rs 285
and POL which breached the Rs 500 level (Rs 502 high). He advised investors to
book profits at higher levels as he expects a correction on technical basis.
The
KMI 30-share index shed 89.71 points to close at 41,535.13 points as compared
to 41,624.84 points. The KSE all-share index gained 33.18 points to close at
18,448.49 points after opening at 18,415.31 points.
“During
the session market crossed the psychological level of 25,000 points,” said
Topline Sec Senior Manager Research Asad I Siddiqui. “Market participation was
on the higher side with volumes increasing to Rs 11.1 billion, up 17 percent.”
Bank
Al-Falah was the volume leader in the market with 35.59 million shares as it
closed at Rs 25.82 from its opening at Rs 25.31, gaining 51 paisas. NBP traded
21.27 million shares and closed at Rs 55.90 as compared to its opening at Rs
54.43, rising 47 paisas. PTCLA traded 15.40 million shares as it closed at Rs
30.33 as compared to its opening at Rs 30.34, shedding one paisa. Fauji Cement
traded 15.13 million shares as it closed at Rs 13.87 after opening at Rs 14.02,
falling 15 paisas. (DailyTimes)
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