Led by telecom sector, KSE sets new record

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KARACHI – The Karachi stock market closed at fresh all-time high on Wednesday, led by telecom sector. Positive trend continued in the local stock exchange with better volume in telecom sector on the back of expectations that it would post better earnings in the last quarter.

Telecard remained the volume leader while telecom giant PTCL closed at its upper circuit, equity dealer Mohammad Rizwan observed here.

At local equity market, the benchmark KSE 100-share index added 33.23 points or 0.19 per cent to finish the day at 17,205.27 points as compared to 17,172.04 points of the previous day.

KSE allshare-index gained 63.11 points or 0.52 per cent to end the day at 12155.60 points, KSE 30-share index went up by 18.40 points or 0.13 per cent to end the day at 14,062.69 points while KMI 30-share index went higher by 46.27 points or 0.16 per cent to conclude the session at 29,668.97.

An analyst said rally was led by telecom sector after Abudhabi group acquired Warid Telecom amid expectation for foreign investment in the sector.

“Expectations for easing circular debt crises after NEPRA raised power tariff, rupee stability in inter-bank market, higher global commodities, speculations ahead of major earnings announcements due this week, strong earnings outlook and hopes for rate cut in next SBP policy announcements played a catalyst role in bullish sentiments at KSE,” the analyst added. Market traded 277.634 million shares after opening at 196.813 million shares and the value of traded shares minimized to Rs 5.746 billion from Rs 5.993 billion. Capitalization of equity market settled at Rs 4.037 trillion compared to Rs 4.285 trillion of last working day.

Trading took place in 346 companies where gainers held a strong lead over the losers by 182 to 139 while the value of 25 stocks remained intact. Nestle Pakistan Limited was the biggest price gainer of the day, up by Rs 234.68 to Rs 4982.43, followed by Mithchells XDXB, increased by Rs 13 to Rs 334. Bata (Pak) and Siemens Pakistan XD were the top losers of the day, down by Rs 35 to Rs 1350 and Rs 20 to Rs 620 respectively.

Telecard Limited was the top traded company of the day with 43.025 million shares as it closed at Rs 4.02 after opening at Rs 3.43. JS Company was on the second position with 21.849 million shares, added Re 0.76 to Rs 16.76. It was followed by PTCLA with 21.163 million shares, gained Re 1 to Rs 18.72, NIB Bank Limited with 20.678 million shares, up by Re 0.25 to Rs 2.67 and WorldCall Telecom with 14.378 million shares, up by Re 0.27 to Rs 2.92.

 

Courtesy: The Nation


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