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KARACHI: The Karachi stock market advanced significantly on the first trading day of the week after Eid ul Fitr holidays, traders said Thursday.
The bullish sentiments dominated market proceedings on support of intense buying witnessed as US congress approves $2.376 billion aid for Pakistan coupled with boost in foreign portfolio investment at KSE pushed the benchmark KSE-100 index beyond the psychological barrier of 9700 level.
Analysts said the market was buoyant from the outset opening on a positive note making gains of 277 points at the end of the session.
The volume was at 6 months high while index at 13 months high reflecting growing confidence among investors. Telecom, fertiliser, energy and cement sectors remained focus of attention during the session.
The KSE 100 index opened in the green zone with an initial gain of 75.64 points and at the end of the session closed at 9713.83 points compared to the previous session’s 9436.82 gaining 277.01 points or 2.94 percent. KSE 30 index closed at 10,477.78 with a gain of 331.57 points. KMI-30 index closed at 14266.65 with a gain of 373.11 points. All shares index closed at 6868.86 with a gain of 193.26 points.
The market turnover went up by 60.60 percent and traded 392.77 million shares as compared to previous session’s 244.56 million shares. The overall market capitalisation was up by 2.80 percent to close at Rs 2.806 trillion as compared with Rs 2.727 trillion. Out of total 408 companies, 315 closed in the positive zone, 81 in negative while 12 remained unchanged.
Husnein Asghar Ali, analyst at Aziz Fida Husein attributed the bullish trend to materialisation of commitments made on the forum of FODM that kept the momentum alive, led by the banking stocks on the expectations of likely changes in banking regulations expected to provide relaxation to under stressed banking sector.
Ahsan Mehanti, senior analyst at Shahzad Chamdia Sec said continuing investment of foreign institutions in local bourse, expectation on reduction of discount rate/CRR in this weekend monetary policy announcement and positive result outlook for September quarter end played a catalyst role in positive activity at KSE.
Trading activity was better as compared to the last trading session as the ready market volume stands at 396.155 million as compared to last trading session 246.295 million. Future market volume however stands at 3.315 milllion shares as compared to 1.730 million shares last trading session.
PAK PTA Ltd was the volume leader in the share market with 44.33 million shares as it closed at Rs 6.20 after opening at Rs 5.38 gaining paisas 82.
