Karachi Stocks closed record high led by second and third tier stocks on strong valuations. Sentiments remained bullish ahead of quarter-end earning announcements due next week.
The Karachi stock market benchmark KSE-100 share index added 22.59 points or 0.12 percent to end the day at 18,636.03 points compared to 18,613.44 points of the previous day.
Stock analyst Ahsan Mehanti said consolidation in blue chips stocks continued amid concerns for fall in global commodities. Strong data on urea, DAP and cement sales for Mar ‘13, speculations ahead of upcoming SBP policy announcement and expectations of higher LDI revenues for telecom sector played a catalyst role in higher close at KSE amid concerns for rising circular debt issues in energy sector outcome for CCP levy on fertilizer companies on collusion and increasing urea prices.
KSE-Allshare index up by 10.56 points or 0.08 percent to end the day at 13,209.70 points, KSE-30 share index increased by 25.38 points or 0.17 percent to close the day at 14,546.19 points while KMI-30 share index shed by 6.78 points or 0.02 percent to finish the day at 32,934.50 points.
Bourse traded 206.872 million shares on last day of trading week compared to 245.671 million shares of the previous day. The value of trading shares was minimised to Rs 6.594 billion from Rs 8.376 billion while the capitalisation of equity market settled at Rs 4.587 trillion compared to Rs 4.584 trillion of a day earlier.
During the session, 361 companies participated in the trading where losers outnumbered the gainers 182 to 163 while the value of 16 stocks remained intact. Unilever Food SPOT was the top loser of the day decreased by Rs 157.51 to Rs 4427 followed by Siemens Pakistan down by Rs 9.75 to Rs 595.25. Bata (Pak) XD and Colgate Palmolive were the biggest price gainers of the day up by Rs 72.79 to Rs 1528.74 and Rs 60 to Rs 2000 respectively.
BankIslami Pakistan was the volume leader of the day with 19.371 million shares higher by Re 0.36 to Rs 6.66. PTCLA was on the second position with 16.100 million shares up by Re 0.63 to Rs 21.23. It was followed by Engro Polymer with 16.013 million shares off by Re 0.05 to Rs 11.58, Maple Leaf Cement with 13.783 million shares misplaced Re0.7 to Rs 18.67 and Telecard Limited with 10.816 million shares extended by Re 0.23 to Rs 6.10.
In a weekly review Equity dealer at Topline Securities Samar Iqbal said market gained by 3pc as investors confidence returned with nomination paper submission process over, lower than expected CPI and optimism about March quarter earnings.
Across the board activity was witnessed with volume increasing by 83pc of Rs.7.77 billion. Unilever buyback also brought interest in other food producers like Efoods, National Foods and Nestle Pakistan. Going forward, appointment of interim Finance minister, likely announcement of Monetary policy and result expectations will keep investors interest in market. (Nation)
Comments