KSE 100 index surged 0.85% or 159.57 points to end at the 18,982.42 points level. PHOTO: FILE
KARACHI: The bourse swung only one way on Tuesday, with stocks ticking up from the get-go to breach the landmark 19,000 points barrier during intraday trade before closing slightly below that level by the end of the session.
Investors built new positions on expectations that the elections will be held on time and that the economic situation will improve after the change of government, Topline Securities’ Senior Manager Equity Sales Samar Iqbal said.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index surged 0.85% or 159.57 points to end at the 18,982.42 points level. Trade volumes improved to 195 million shares, compared with Monday’s tally of 157 million shares. The value of shares traded during the day was Rs4.87 billion.
“Bullish sentiments prevailed amid hopes for lower Consumer Price Index inflation for April and the [positive] economic impact of rebasing GDP,” Arif Habib Corp analyst Ahsan Mehanti said.
Shares of 364 companies were traded on Tuesday. At the end of the day, 187 stocks closed higher, 152 declined, while 25 remained unchanged.
“The market opened on a positive note, with the banking and fertiliser sectors pushing the index to a new high,” commented Veer Bajaj, analyst at JS Global Capital. “In the fertiliser space, Fauji Fertilizer was in the limelight after yesterday’s positive earnings announcement with a Rs3.50 per share cash dividend announcement ... Likewise, MCB posted a 4.6% gain today, after announcing a 30% dividend for the first quarter of 2013. The auto sector also continued the rally, led by Atlas Honda results where the company announced 25% bonus and 75% cash dividends, which resulted in the stock closing 5% higher.”
Fauji Cement was the volume leader with 41 million shares, gaining Rs0.19 to finish at Rs8.86. It was followed by Pakistan Telecommunication Company with 14.87 million shares, losing Rs0.38 to close at Rs17.92; and TRG Pakistan with 13.53 million shares, losing Rs1.00 to close at Rs10.82.
Foreign institutional investors were net buyers of Rs352.46 million, according to data maintained by the National Clearing Company of Pakistan Limited.
Published in The Express Tribune, May 1st, 2013.
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