Karachi Stocks 100 index tests 25,000 pts in intraday, closes 70 pts up

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

and closed below the said level with a rise of 70 points.

Analysts cited hopes for improved Indo-Pak bilateral relations and interest of international investors in setting up power plants in Pakistan as the main reasons for the positive trend.

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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