KSE benchmark index improves by more than 60 points

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KARACHI: Karachi Stock Exchange’s benchmark 100 index further recovered Wednesday and improved by more than 60 points on institutional buying, dealers said.



Amidst discussions on candidates for prime minister and chief minister Sindh, investor confidence grew and they participated in the buying activity, they said.


Ahsan Mehanti, an analyst at Arif Habib Corp, said that the market recorded positive activity but investors were concerned about cases pending in the Supreme Court regarding the communication sector and telephone operators were summoned.


“The market remained bullish on hopes of a new government and new prime minister that can improve policies,” he said.


The KSE-100 index increased by 60.6 points or 0.34 percent to 17,753.97 points against 17,693.37 points recorded in the last session. The index at one time during the intraday session reached the level of 17,768.64 points while the lowest level of the day was recorded at 17,672.58 points.


The KSE-30 index also improved by 61.68 points or 0.43 percent to 14,245.20 points in the session against 14,183.52 points recorded in the last session.

Although the market remained positive, turnover and trading value improved but total market capital declined. Turnover improved by 103 million shares to 265.88 million shares from 162.50 million shares whereas value increased to Rs7.59 billion against Rs5.27 billion. Market capital declined to Rs4.362 trillion against Rs4.367 trillion recorded in the last session.


Zafar Moti, an analyst and senior member of the KSE, said the market went up along with volumes while institutional buying was also witnessed in third tier stocks. “Political uncertainty is easing and the market is ready to go again at the 18,000-mark,” he said.


Samar Iqbal, senior manager equity sales Topline Securities (Pvt) Ltd said mainly led by Engro Corp, Muslim Commercial Bank and DG Khan Cement local bourse increased. “However, the telecom sector witnessed selling pressure as investors trimmed their portfolio after the news that the Supreme Court has suspended a Sind High Court stay order against the CCP hearing on international calling rates,” she said.


The highest increase was recorded in the shares of Rafhan Maize XD, which increased by Rs91.5 to Rs3,750 per share followed by National Foods XD that rose by Rs10.28 to Rs303 per share. Major decline was noted in shares of Unilever Pak, which fell by Rs208.5 to Rs10,700 per share followed by Colgate Palmolive that declined by Rs91.6 to Rs1,740.4 per share.


Significant turnover was recorded in stocks of Lafarge Pakistan, Pakistan Telecommunication Company Limited, TRG Pakistan Ltd, Telecard Limited and DG Khan Cement. Lafarge Pakistan remained the volume leader with 43.72 million shares with an increase of 59 paisas to Rs6.59 per share; it was followed by the PTCL with 28.76 million shares with a decline of 66 paisas to Rs19.65 per share.


Shares turnover in the futures market increased to 29.42 million shares from 17.05 million shares traded in the previous session.


Of a total of 327 companies’ stocks traded, 168 advanced, 136 declined and 23 remained unchanged.

Rafhan Maize

Closing Rs3,750.00

National Food Rs10.28

Closing Rs303.00

Exide Pak Rs9.41

Closing Rs356.41

Unilever Pak Rs208.50

Closing Rs10,700.00

Colgate Palm Rs91.60

Closing Rs1,740.40

Clariant Pak Rs6.80

Closing Rs243.20

Courtesy:   The News


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