KSE index gains 200 points on political improvements

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KARACHI: Karachi Stock Exchange’s benchmark 100-index surged by more than 228 points on Monday to a new record high, on trading across the board in general and in the energy sector in particular, dealers said. With improvement in the political situation, investor confidence increased in stocks of oil, cement and fertiliser sectors, said Ahsan Mehanti, an analyst at Arif Habib Corp. “Oil companies’ margin was raised by 12.5 percent, which increased interest in these stocks along with the cement sector, which has good selling data along with fertiliser. However, Pakistan International Airlines also received good trading as its quarter result is expected,” he said.

The KSE-100 index rose by 228.8 points or 1.27 percent to new peak of 18,272.11 points against 18,043.31 points recorded in the last session. The index at one time during the intraday session reached a high level of 18,327.3 points while the lowest level of the day was recorded at 18,043.31 points, as the market remained upwards throughout the day.

KSE-30 index also improved by 174.14 points or 1.23 percent to 14,382.52 points in the session against 14,208.38 points recorded in the last session. Despite a substantial increase in the index, turnover fell by 33 million shares, from 204.39 million shares to 171.01 million shares, whereas value increased from Rs4.97 billion to Rs7.28 billion. Market capital improved from Rs4.44 trillion recorded in the last session to Rs4.48 trillion.

Zafar Moti, an analyst and senior member of the KSE said institutions and local investors remained interested in the market mostly in the energy sector, as oil prices fell. “There was buying from all sides,” he said.

Samar Iqbal, senior manager equity sales, Topline Securities (Pvt) Ltd said with the nomination paper submission process over, investor confidence improved as the local bourse crossed 18,270 points for the first time ever.

The highest increase was recorded in shares of Unilever Pak, which increased by Rs439 to Rs12,689 per share followed by Unilever Food that rose by Rs49 to Rs4,299 per share. A significant decline was noted in shares of Colgate Palmolive, which fell by Rs48.16 to Rs1,780 per share followed by Indus Dyeing that declined by Rs22.2 to Rs426.8 per share.

Significant turnover was recorded in stocks of Maple Leaf Cement, Bank of Punjab, DG Khan Cement, Engro Corporation and Pakistan International Airlines. Maple Leaf Cement remained the volume leader with 20.94 million shares with increase of Re1 to Rs18.76 per share; it was followed by Bank of Punjab with 12.56 million shares with increase of Re1 to Rs9.22 per share.

Shares turnover in the futures market fell from 37.45 million shares traded in the previous session to 15.13 million shares. Of a total of 332 companies’ stocks traded, 214 advanced, 98 declined and 20 remained unchanged.


Courtesy: The News

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