KSE 100-index hits all time high

Karachi share market continued its upward journey with making new records as the benchmark KSE-100 index hit all time intra-day high of 13,682.72 points level on the back of fresh buying mainly in oil and banking sectors by local and foreign investors on Wednesday.
Finally, the KSE-100 index closed at its highest ever level of 13,669.03 point with a net gain of 97.89 points, while the KSE-30 index surged by 134.59 points to close at its all time high level of 16,991.34 points.
Trading activity further improved as the ready market volume increased to 365.453 million shares as compared to 363.919 million shares traded a day earlier. The futures market turnover also surged to 87.722 million shares against 80.083 million shares previously. The overall market capitalisation increased by Rs 35 billion to Rs 3.989 trillion.
Trading took place in 407 scrips, out of which 259 scrips closed in positive column and 121 scrips closed in negative column, while the value of 27 scrips remained unchanged.
TRG was the star performer of the day with 24.070 million shares and the scrip surged by Rs 0.60 to close at Rs 14.40 followed by Bank Al Falah, which gained Rs 1.75 to close at Rs 59.20 with a total volume of 23.698 million shares.
The banking sector remained active on the back of foreign investors support as Askari Bank and Bank of Punjab (BoP) increased by Rs 2.65 and Rs 2.90 to close at Rs 113.90 respectively.
Fresh buying was also witnessed in Bosicor as the scrip gained rupee one to close at Rs 17.85. Pak PTA gained Rs 0.45 to close at Rs 5.30. Dewan Sulman increased by rupee one to close at Rs 10.70. Fauji Fertiliser, Bin Qasim, surged by Rs 0.55 to close at Rs 39.50.
In cement sector, Lucky Cement gained Rs 0.65 to close at Rs 137.75, however, Maple Leaf Cement was the only scrip, which closed in negative zone at Rs 25.25, down by Rs 0.05. Wyeth Pak and Siemens were the highest gainers, which gained Rs 90.80 and Rs 63.00 to close at Rs 1979.80 and Rs 1701.00 respectively, while Unilever and Lakson Tobacco were the highest losers, which lost Rs 28.00 and Rs 20.00 to close at Rs 2182.00 and Rs 550.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the proposed petroleum policy, expected to be announced on July 3, created positive sentiments and fresh buying was witnessed in the relevant stocks. The SCRAs balances were at all time high level of 982 million dollars, which show continuous interest of foreign interest in the local equity market. The major foreign buying was seen in banking sector stocks.
The BoP management clarified its position and a news that the National Bank of Pakistan (NBP) will dispose of Al Jazera and Khushhali Bank holdings were also a positive sign, which created fresh buying in the banking sector.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that with the closing fast approaching efforts to register historic levels of the index are at its peak, the banks closure on July 2 gave the marketmen an opportunity as the settlement date for June 27 and June 28 stays the same, having no CFS fear the speculative buying witnessed throughout the session and the index registered records on both grounds, ie highest intra-day high level of 13,682 and highest closing 13,669 level.
Technically, index is fast approaching its immediate resistance of 13,693-13,700, although it is a strong resistance to the bullish sentiment and availability of main stocks having high weight in the index at discounted levels can allow decent closing for June, the next resistance stays at 13,827-13,833.
Buying was witnessed in low price banking stocks as the growth, turnaround, onetime (portfolio) gains management take-over stories accompanied by growing international demand for local banks due to high banking spreads have fuelled market players with high spirits.
Kamran Naqvi, head of Equity Trade at Atlas Capital Markets, said that buying was seen in all sectors resulting in healthy volumes as the retailers took advantage of no financial cost of carry over transactions for Wednesday's trade.
Renewed interest was witnessed in the refinery sector on the back of significant improvement in gross margins. The run up in cement sector was halted and profit taking was seen as most of the scrips entered a consolidation phase.