KSE 100-index closes above 18,700 points on select buying

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KARACHI: The Karachi Stock Exchange’s (KSE) benchmark 100-index closed above 18,700 points for the first time on Tuesday on buying in select blue-chips from oil, fertiliser, and banking sectors, dealers said. “The market closed above 18,700 points on optimism about healthy March quarter results,” Samar Iqbal, senior manager equity sales at Topline Securities, said. The KSE-100 index increased by 60.55 points, or 0.32 percent, to 18,713.61 points. This was the tenth consecutive bull-run session at the KSE, in which the 100-index has cumulatively surged by about 825 points, or 4.61 percent, to date.

Following the trading pattern of the previous session, the index hit a new intraday high of 18,732.79 points with an addition of 79.73 points from the opening level of 18,653.06 points. Interestingly, the index never declined below the opening level throughout the session. The KSE 30-index surged by 53.72 points, or 0.37 percent, to 14,604.83 points.

The 100-index was driven to the new peak mainly by blue-chips Engro Corporation, Oil and Gas Development Company (OGDC), and MCB Bank.

A dealer said that renewed buying interest was seen in Engro Corporation amid hope of additional gas supply, whereas cherry picking was also witnessed in telecom and cement stocks.

Engro Corporation alone pushed the index higher by 27 points. It was the most traded stock of the day. It appeared as the turnover leader with 15.18 million shares on the board. The stock closed at Rs142.06, with a gain of Rs5.76 or 4.23 percent.

OGDC-SPOT drove the index up by another 11 points with a trade in 882,300 shares. The stock closed at Rs205.89 with an addition of mere 94 paisas. MCB Bank contributed another 15 points in the total gain of the index on with a trade in only 99,000 shares. The stock closed at Rs197.58 with an increase of Rs2.06. Other stocks that also helped the index cross 18,700 points were Dawood Hercules-XD, Lucky Cement, Hub Power Company-XD, Pakistan Oilfields Limited-XD.

Stocks that resisted gains in the index included Jahangir Siddiqui and Company-XD, National Bank of Pakistan—XD, Bank Al-Falah-XD, Pakistan State Oil-XDXB, Bank Al-Habib-XD, and Colgate Palmolive.

Ahsan Mehanti, analyst at Arif Habib Corporation, said that low-priced stocks continued to attract investors’ attention and appeared as turnover leaders of the day. Select blue-chip were also subject to accumulation but majority of them failed to generate notable turnover.

He said that investors were waiting for the next monetary policy to be announced by the State Bank of Pakistan on April 12. “The policy is likely to remain neutral for the market. However, it will settle related issues in investors’ mind,” he said.Total trade turnover improved to 128.31 million shares from 123.57 million shares traded in the previous session. Market capitalisation increased by Rs14 billion to Rs4,607 billion. As many as 372 companies traded on board, while 192 advanced, 154 declined and 26 closed unchanged.

Wateen Telecom was the second turnover leader with 10.79 million shares, as it closed at Rs4.46 with a gain of 11 paisas. Maple Lead Cement closed at Rs19.32 with an increase of 27 paisas on a turnover of 8.14 million shares.

Unilever Food Rs232.40
Closing Rs4,880.40

Rafhan Maize Rs198.97
Closing Rs4,178.49

Bata Pak Rs78.75
Closing Rs1,653.75

Colgate Palm Rs51.00
Closing Rs1,999.00

Shezan Int Rs22.60
Closing Rs429.40

Tri-Pack Film Rs11.33
Closing Rs179.63


Courtesy: The News

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