Karachi Stock Exchange (KSE) witnessed a bullish trend on Tuesday with the benchmark KSE-100 index gaining 167.05 points to close at an all time high level of 17,172.04 points from 17,004.99 points a day earlier. "Attractive dividend yields and good anticipated corporate earnings growth helped the index to continue its upward momentum," said Khalil Usmani, an analyst at JS Global.
He said that rumours of foreign flow continued to build investor confidence even at the highest level "as our market is still cheap in region." OGDC took the lead and went up 1.5 percent with total volume of 0.8mn shares, MCB and PPL were up 1.8 percent and 0.8 percent respectively on the back of foreign buying, he added.
Among other news, he said that ECC decided to give second priority to fertiliser sector for gas distribution after industries in the commercial distribution which helped fertiliser stocks to build a rally with Engro closing up 4.1 percent and total volume of 11.4 million shares. FFC also went up by 0.9 percent with 2.4 million shares, he concluded.
On the second trading day of the week, Karachi Share Market opened in minus zone but soon after its trend was changed in positive and KSE-100 index reached at all time high level of 17,181.39 points during the intraday trading. Besides, trading side was also positive and overall 196.813 million shares were traded at ready counter compared to 189.497 million shares traded on Monday.
Trading activity was witnessed in active scrips, out of which 184 closed in positive and 154 closed in negative while, the share price of only 22 stocks remained unchanged. Market Capitalisation was also increased by Rs 38.41 billion to close at Rs 4.285 trillion from Rs 4.246 trillion on a day earlier.
Unilever Food and Unilever Pak remained the highest gainers of the day and their share prices were increased by Rs 175 and Rs 110.94 to close at Rs 4080 and Rs 9994.2 respectively. While, Nestle Pakistan Ltd and Mithchells Fruit XDXB were the losers of the day and their share prices were declined by Rs 106.25 and Rs 11.5 to close at Rs 4693.75 and Rs 321 respectively.
Among the top 10 leading companies reflecting significant turnover, seven companies gained and three companies shed their share prices. Telecard Limited remained the volume leader and its share price increased by Re 0.72 to close at Rs 3.43 with some 34.7 million shares trading. Fauji Cement went down by Re 0.17 to close at Rs 7.95 and its some 18.9 million shares were traded while DGK Cement share price gained by Rs 1.24 to close at Rs 55.57 with some 13.2 million shares trading.
Engro Corporation gained Rs 3.8 to close at Rs 95.6 with some 11.3 million turnover, and WorldCall Telecom also gained Re 0.22 to close at Rs 2.65 with Rs 8.8 million trading. Jah Sidd Co lost Re 0.01 to close at Rs 16 and it's some 8.2 million shares were traded while Maple Leaf Cement gained Re 0.14 to close at Rs 17.64 on some eight million turnover.
Byco petroleum lost its share price by Re 0.17 to close at Rs 13.99 with some 6.8 million shares trading while Engro Foods Ltd gained by Re 0.05 to close at Rs 105.25 with some five million shares' trading and TRG Pakistan Ltd also gained by Re 0.3 to close at Rs 7.04 with some 4.9 million shares trading.
"Stocks closed at all time high led by bluechip stocks across the board on strong earnings outlook," said Ahsan Mehnati, an analyst at Arif Habib Corp. He said trade remained high amid speculations ahead of major earning announcements due that week. Falling treasury yields, record earning announcements for cement, oil sector stocks played a catalyst role in bullish activity at KSE, he added.