Index hits fresh record high
Led by second- and third-tier leveraged stocks, the Karachi equities rallied Friday to hit another all-time high of 35,456.59 points. The index heavyweights - Lucky Cement, United Bank, Habib Bank and MCB Bank - cumulatively added 130 points to the benchmark index''s 270 points gain. "Stocks closed yet again at an all-time high on improved economic outlook," viewed Ahsan Mehanti of Arif Habib Corp.
Copyright Business Recorder, 2015
Mohammad Rizwan of Topline Securities seconded Mehanti saying the index was supported by cement and banking stocks to reach the record high of 35,456 points. Though trading turnover contracted by 12 percent to 356 million shares the value of stocks traded inched up to Rs 16.30 billion or $158 million. The week''s last and short session saw 253 issues changing hands of which 171 appeared as gainers, 156 losers and 23 stayed unchanged. The futures trade too landed in green at 33 million contracts compared to the previous 32 million.
The market capitalisation grew to Rs 7.602 trillion from Rs 7.567 trillion Thursday. Foreign investors ended the week on a positive note and bought net portfolios of $2.02 million. Power utility, K-Electric was the most traded issue with 30 million volumes. The scrip opened the day from Rs 8.43 and deflated to Rs 8.34. Others topping the best performers list included Jahangir Siddiqui Company 25.7 million, Pakistan International Bulk Terminal 19 million, TRG Pakistan 18.5 million, Pak Elektron 14.3 million, Fauji Cement 14.0 million, Fauji Fertilizer Bin Qasim 11.7 million, Byco Petroleum 10.8 million, Dewan Cement 10.4 million and PIA 9.4 million shares.
The cement stocks, according to analyst Rizwan, remained in the limelight due to better than anticipated dispatch numbers. "The IMF''s positive remarks over Pakistan''s economy fuelled interest in the banking stocks," he added. Mehanti, a director at Arif Habib Corp, cited the IMF''s report indicating macroeconomic stability, record low CPI inflation data for Jun''15, record foreign exchange reserves data, renewed foreign interest in bluechip stocks, falling borrowing cost and upbeat cement dispatch data for Jun''15 as the day''s catalyst in the speculation ahead of year end results.