After witnessing a historic session Thursday, Karachi Stock Exchange on Friday hit a fresh all-time high led by oil and cement stocks on profound foreign interest. The benchmark KSE-100 index gained 48 points to close at 30,225 points. Samar Iqbal, AVP at Topline Securities, said after crossing 30,100 points level, the local bourse closed marginally positive after a rangebound session.
The index gained 0.16 percent to close at 30,224 points, however, the volume fell by 34 percent to 137 million shares and the value by 31 percent to Rs 7.7 billion. A renewed interest was seen in Lafarge Cement on speculation that the decision on acquisition would be taken in a few days. Institutional interest in PPL helped the stock rallying with healthy volumes of over 4mn shares, she added. During the intra-day trading, the index reached 30,272.42 points highest and 30,138.68 points lowest level. Despite a bullish trend, volume at the ready counter declined to 137.300 million shares compared to 206.262 million shares Thursday. Market capitalisation climbed by Rs 11 billion to Rs 7.083 trillion against Rs 7.072 trillion a day earlier.
Trading took place in 327 companies, of which 143 closed in green zone, 160 in red, while 24 landed in blue zone. Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed at all-time high in the earnings season led by oil and cement stocks on foreign interest following Moody's changed outlook on Pakistan banks and foreign currency rating to stable this week.
Rising cement exports, higher international oil prices on Ukraine and Middle East conflicts, speculations ahead of State Bank of Pakistan (SBP) policy announcement today (July 19) and higher exports data on textile sector up by 3.9 percent YoY played a catalytic role in bullish sentiment at KSE despite concerns for political uncertainty, he added.
All top 10 volume leaders, except two recorded a positive trend. Lafarge Pak emerged the volume leader with 18.75 million shares, up Re 0.32 to close at Rs 16.44. Fauji Cement stood second, down Re 0.17 to close at Rs 21.04 on 13.95 million shares. Maple Leaf Cement gained Re 0.46 to close at Rs 31.95 on 12.13 million shares. P.I.A.C. (A) posted a positive trend, up Re 0.4 to close at Rs 7.18 on 5.86 million shares. Cherat Cement with 5.5 million shares, closed at Rs 79.01, up Rs 3.62. Adam Jee Ins gained Re 0.69 to close at Rs 48.49 on 5.2 million shares. Pak Petroleum moved up by Rs 4.26 to close at Rs 228.48 on 4.1 million shares.
Pak. Int Bulk fell by Re 0.04 to close at Rs 24.58 on 3.91 million shares. With a trading volume of 2.90 million shares, D.G.K Cement closed at Rs 91.95, up Re 0.2. Engro Foods Ltd bagged Re 0.74 to close at Rs 111.80 on 2.86 million shares. Wyeth Pak Ltd and Murree Brewery were the top gainers with Rs 193.49 and Rs 46.67 to close at Rs 4,064.00 and Rs 980.22, respectively. Bata (Pak) and Fazal Textile were the top losers with Rs 49.70 and Rs 20.00 to close at Rs 3,287.30 and Rs 780.00, respectively.
Aleeza Afreen, an analyst at Aba Ali Habib Securities, said the long awaited 30,000-level has been breached during the week. Change in Moody's rating on Pakistan credit outlook and upgradation in key banks rating proved key triggers for the market. Consequently, hefty foreign buying has been recorded, which improved volumes and the market activity, she added.
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