The Karachi Stock Exchange (KSE) becomes only the second stock market in the world to breach its previous highs since the start of the global financial crisis, according to data provided by Lakson Investments. India’s BSE SENSEX is the only other index that breached its previous high in the period, reaching 21,005.0 points on November 5, 2010.
The KSE’s benchmark 100-share index jumped 0.58% or 91.48 points to end at 15,845.30 point level.
The market climbed on the back of the index-heavyweight Oil and Gas Development Company (OGDC), Nestle Pakistan and MCB Bank, gaining 0.8%, 5% (upper limit) and 1.4% respectively.
The highly illiquid Nestle Pakistan solely contributed 51 points to the index. Engro Foods attracted buying interest on the expectation of a better quarterly result to be announced midway this month, said JS Global Capital analyst Shakir Padela.
Trade volumes fell to 107 million shares compared with Wednesday’s tally of 133 million shares.
Pakistan Telecommunication Company (PTCL) on account of pre-result rally amid better earnings anticipation and international clearing house (ICH) implementation remained in the limelight, said Samar Iqbal, equity dealer at Topline Securities.
The proposed ICH gateway will converge all international calls to a single technical gateway led by PTCL against the current practice of being handled by 14 long distance international operators.
Bullish sentiments were seen in the banking sector as three of the top five volume leaders were banks amid hopes that banking margins will not squeeze after low cuts in interest rates announced by State Bank of Pakistan earlier.
Shares of 385 companies were traded on Thursday. The value of shares traded during the day was Rs3.7 billion.
PTCL was the volume leader with 15.96 million shares gaining Rs0.18 to finish at Rs19.98. It was followed by Engro Foods with 5.10 million shares gaining Rs1.42 to close at Rs71.39 and Askari Bank with 4.71 million shares climbing Rs0.19 to close at Rs15.86.
Foreign institutional investors were net buyers of Rs330 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, October 12th, 2012.
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The stock exchange registered this record high yesterday but I did not see the mention of it on any television channel. It appears the media is keeping us away from any good news too preoccupied to create a gloomy scenario.