KSE turns bullish
Fresh buying Friday lifted the Karachi Stock Exchange (KSE) index supported by cement and fertilizer sectors. Equities recovered 255.80 points or 0.82 percent to settle at 31,494.84 points after two days of bear-rule. According to analysts, a bullish activity was witnessed at KSE after the SECP confirmed settlement of KSL outstanding trades in ready and futures markets, easing investor concerns after suspension.
Copyright Business Recorder, 2014
They said leveraged stocks in cement, fertilisers and textile sectors surged after slash of PIB yields indicating easing SBP policy on interest rates. "Easing concern on circular debt in energy sector after the ECC approval on gas tariff hike by 30 percent played a catalytic role in bullish activity at KSE," analysts said.
The bourse Friday opened at 31,239.04 and remained in green zone during intraday trading, touching highest level to 31545.56 points to close at to 31,494.84 points. The KSE-100 index recovered by 0.82 percent or 255.80 points as compared to 31,239.04 points Thursday. Among top 10 volume leaders, nine companies recorded a positive trend.
Trading took place in 374 scrips, of which 276 closed in positive, 81 scrips closed with minus signs. The value of 17 scrips remained unchanged. Jah.Sidd.Co emerged the volume leader with 19.59 million shares, gaining Re1 to close at Rs 15.84. P.I.A.C (A) stood second, up Re0.82 to close at Rs 6.61 with 15.11 million shares. Lafarge Pak. closed at Rs 16.50, up by Re 0.39 with 7.23 million shares
Pak Int. Bulk also surged by Re 0.61 to close at Rs 25.39 on 6.09 million shares. Hum Network XD lost Re 0.19 to close at Rs 16.20 with 4.31 million shares. Pak Elektron gained Re 0.55 to close at Rs 29.93 with 4.23 million shares. D.G.K Cement XD closed at Rs 88.77 up Re 0.70 with 4.10 million shares. Dewan Motors progressed by Re 0.79 to close at Rs 8.89 on 4.05 million shares. Maple Leaf Cement moved slightly up by Re 0.01 to close at Rs 34.03 on 3.80 million shares. Ghani Automobile gained Re 0.41 to close at Rs 6.26 with 3.55 million shares. Rafhan Maize and Colgate Palmolive were the top gainers which increased by Rs 478.67 and Rs 85 to close at Rs 10,900 and Rs 1,795, respectively. Unilever Foods XD and Fazal Textile XD were the worst losers, down Rs 290 and Rs 39.50 to close at Rs 9,010 and Rs 901, respectively.