KSE adds 232pts amid hopes for PSDP allocations

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KSE adds 232pts amid hopes for PSDP allocations

KARACHI - Stocks closed all time high in the pre-budget rally led by oil, energy and cement stocks on strong valuations. At local equity market benchmark KSE-100 share index gained 232.39 points or 1.08 percent to stop the day at 21823.05 points compared to 21590.66 points of the previous day.

Dealers said rally in low priced shares continue as index post yet another record high of 21,800 points. BoP, NIB, and TRG another low priced shares remained investors’ favorite. Some activity was seen in large cap stocks like PSO and MCB that increased the index to new high.  KSE-Allshare index up by 142.30 points or 0.94 percent to end the day at 15355.44 points, KSE-30 share index added 177.56 points or 1.06 percent to end the day at 16880.16 points while KMI-30 share index increased by 363.02 points or 0.97 percent to close the day 37642.68 points.  Analysts said record trades witnessed led by second and third tier stocks amid hopes for raise in PSDP allocations in the federal budget 2013-14.


Rise in foreign exchange reserves, hopes for ease in circular debt issues in energy sector, expectation of CPI Inflation below 5pc YoY for April ‘13 and renewed foreign interest in blue chip stocks played a catalyst role in bullish sentiments at KSE amid concerns for fall in global stocks and commodities. Stock traded 646.604 million shares on Friday after opening at 637.522 million shares and the value of traded shares was reduced to Rs 12.827 billion from Rs 13.119 billion. Capitalisation of Karachi stock market maintained at Rs 5.293 trillion as compared to 5.244 trillion of the previous day.  During the trading 405 companies participated in the session where gainers outnumbered the losers 249 to 136 while the value of 20 stocks remained intact.  Wyeth Pak Limited and Nestle Pak were the biggest price gainers of the day up by Rs 70 to Rs 1487 and Rs 58 to Rs 6600. Biggest downfall were noted in Bata (Pak) and Colgate Palmolive down by Rs 70 to Rs 1730 and Rs 39.99 to Rs 1810.


On the third and last day of trading week Bank of Punjab(R) consecutively top the active list with 51.050 million shares added Rs 1 to Rs 5.16. NIB Bank Limited was on the second position with 46.435 million shares up by Re 0.32 to Rs 2.97. It was followed by TRG Pakistan Limited with 46.353 million shares grew by Re 0.93 to Rs 11.81, Bank of Punjab with 32.281 million shares extended by Rs 1 to Rs 14.80 and JS Co with 31.226 million shares up by Re 0.59 to Rs 13.77.  In a weekly review equity dealer Samar Iqbal said amid continued foreign buying, local bourse continued rallying to add another 2.5pc during the week to close yet new high at 21,800 points mark. Volumes also rose by 5pc to 461m shares on average.


Continued foreign interest remained in heavy weight OGDC, MCB and PSO while local investors were also seen highly active in mid cap stocks like FCCL, DCL, NIB and BOP. Energy stocks also remained in the limelight amid strong signals to resolve circular debt issue from the upcoming government. Going forward, investors will eye CPI announcement, upcoming monetary policy and budget related developments, she added.



Courtesy:  Nation