Stocks keep rising
A bull-run continued on the Karachi share market Friday that saw the KSE-100 index gaining another 219 points. The benchmark index showed volatility but finally ended the day at 32,969.73 from 32,750.31 points Thursday. "Stocks closed bullish led by select stocks across- the-board," said Ahsan Mehanti at Arif Habib Corp. The day''s triggers, the analyst said, were upbeat data for Consumer Price Index inflation at 1.3 percent Year-on-Year and falling National Saving Scheme rates which renewed hopes for State Bank''s policy rates revisions next month.
Copyright Business Recorder, 2015
"Global equities rebound, expected release of $375 million against US Coalition Support Fund and positive economic outlook played a catalytic role in the bullish close amid higher trades at KSE," said Mehanti. Trading turnover rose to 211 million shares from 180 million of last session. The value of shares traded also appreciated and accumulated to Rs 9.97 billion compared to the previous Rs 9.42 billion. Of the total 364 scrips, 203 posted gains, 137 lost their worth while 24 remained unchanged.
The market capitalisation ended up at Rs 7.06 trillion while foreign investment witnessed a positive trend closing at $1.07 million. K-Electric led the volume with 27 million shares, each valuing up to Rs 7.23 at close. Other best performing issues were TRG Pakistan 22 million, Byco Petroleum 13 million, Pak Elektron 11.8 million, Maple Leaf Cement 9.7 million, Fauji Fertiliser Bin Qasim 8.3 million, TRG Pakistan (R) 8 million, D.G Khan Cement 5.0 million, Jahangir Siddiqui Company 5.0 million and Fauji Cement 5.0 million shares. Futures trade closed positive at 40 million contracts against 34.8 million of Thursday.