KSE gains 192pts on low inflation

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KSE gains 192pts on low inflation

Karachi:Pakistan Stocks closed yet again at all time high led by oil and fertilizer stocks after global commodities recover and urea sales data reported over 24pc growth YoY.Karachi stock market benchmark KSE-100 share closed crossing another milestone with the addition of 192.10 points, as it closed at 19,226.63 points compared to 19,034.53 points of the day earlier.

Analysts said sentiments remained bullish amid thin trading post major quarter end earning announcements on strong earnings outlook.

Lower CPI Inflation for April and easing political concerns played a catalyst role in highest close at KSE despite security unrest in the city. KSE-Allshare index grew by 185.61 points or 1.37 percent to end the day at 13750.31 points, KSE-30 share index added 133.43 points or 0.91 percent to stop the day at 14797.72 points while KMI-30 share index gained 378.08 points or 1.14 percent to conclude the session at 33410.97 points.

Dealers said Pakistan market rally continues ahead of crucial elections as investors accumulated positions in expectation that the new government will be more investor-friendly. Continuous foreign flows also had a positive impact on the sentiments. Huge foreign inflow witnessed due to buying by Unilever Pakistan. Bourse traded 136.246 million shares after opening at 147.361 million shares and the value of traded shares was climbed to Rs 6.707 billion from Rs 4.177 billion. The capitalisation of stock market maintained at Rs 4.751 trillion after opening at Rs 4.687 trillion.

On the last working day of trading week activity took place in 396 companies where gainers held lead over the losers 233 to 138 while the value of 25 stocks remained intact. Upward trend was led by Nestle Pak.XD and Unilever Food XD increased by Rs 332.50 to Rs 6982.50 and Rs 245 to Rs 5145 while Island Textile and Bhanero Tex were the biggest losers of the day decreased by Rs 37 to Rs 771 and Rs 16 to Rs 321.

In the top ten scrips, TRG Pakistan was the top traded company of the day with 10.031 million shares shed by Re 0.14 to Rs 10.04. Fauji Cement was on the second position with 9.420 million shares down by Re 0.13 to Rs 8.97.

It was followed by Lotte Chemical with 9.035 million shares up by Re 0.29 to Rs 7.70, Dawood Hercules with 6.508 million shares up by Rs 2.77 to Rs 58.25 and Wateen Telecom Limited with 5.924 million shares shed by Re 0.20 to Rs 4.84.

In a weekly review equity dealer Samar Iqbal said market rallied 300 points ahead of general elections to close above 19,200 points mark for the first time ever. Also, multi-year low CPI and huge foreign inflow due to buying by Unilever Pakistan investors also had a positive impact on the sentiment. Going forward, with election drawing near activity will hinge on change in political setup. While continuous foreign inflows are expected to augment positive sentiment.

Courtesy: The Nation

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