A.Rafay
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KARACHI: The Karachi stock market broke all the previous records on Tuesday by reaching an all-time high level of 16,364.77 points as investors went for buying in anticipation of better earnings announcements in December and foreign investors did the same following positive trend in global stocks and commodities.
Analysts said investors interest was seen in oil, cement and fertilizer stocks, while foreign buying was triggered by Europes deal with the International Monetary Fund (IMF) on Greece bailout.
The Karachi Stock Exchange (KSE) 100-share index gained 94.29 points or 0.58 percent to close at 16,364.77 points as compared to 16,270.48 points of the previous session. The KSE 30-share index was up by 62.41 points to close at 13,259.88 points as compared with 13,197.47 points of the previous session.
The market witnessed a new record-high mainly led by cement stocks, said Topline Sec dealer Samar Iqbal. Volume also remained attractive as more than 300 million shares were traded valuing Rs 6.9 billion.
Renewed buying was seen in cement stocks amid expectations that their December results would be better than their last quarter, he said and added that textile stocks also remained in the limelight due to improved margins.
The market turnover went up by 22.14 percent and traded 317.82 million shares after opening at 260.19 million shares. The overall market capitalisation rose 0.51 percent and traded Rs 4.105 trillion as against Rs 4.084 trillion. Gainers beat losers 195 to 179, while 18 stocks were unchanged.
Stocks closed at a record-high level amid higher trades in stocks across-the-board on renewed foreign interest after global stocks rallied on Europe deal with IMF on Greece bailout, said Arif Habib Corporation Director Ahsan Mehanti. Investors interest in oil, cement and fertilizer stocks on higher global commodities affected the investor sentiment.
Higher textile sector exports on EU relaxations and speculations on rate cut ahead of State Banks policy announcement next month played a catalyst role in the bullish sentiment at KSE despite concerns over higher fiscal deficit and lower banking spreads, he added.
The KMI 30-share index gained by 174.06 points to close at 28,408.58 points from its opening at 28,234.52 points. The KSE all-share index closed with a gain of 60.58 points to close at 11,563.37 points as against 11,502.79 points.
While the second-tier stocks witnessed technical adjustment the 100-share index stocks mainly from cement and oil marketing companies witnessed renewed buying interest, said Escorts Capital Chief Operating Officer Husnein Asghar Ali. Sensation linked to issuance of 3G licence re-invited activity in telecom stocks that are likely to participate directly or through their subsidiary in the auction, which is expected to be conducted in the calendar year since the budgeted revenue along with Coalition Support Fund (CSF) and remittance continues to hold its value to address financial matters.
Fauji Cement was the volume leader in the share market with 31.70 million shares as it closed at Rs 6.90 after opening at Rs 7.03, shedding 13 paisas. KESC traded 28.26 million shares as it closed at Rs 6.56 from its opening at Rs 5.83, gaining 73 paisas. Dera Ghazi Khan Cement traded 19.79 million shares and closed at Rs 55.40 as compared to its opening at Rs 53.44, rising Rs 1.96. Maple Leaf Cement traded 15.57 million shares as it closed at Rs 16.61 as against its opening at Rs 16.44, increasing 17 pasias.
Daily Times - Leading News Resource of Pakistan
Analysts said investors interest was seen in oil, cement and fertilizer stocks, while foreign buying was triggered by Europes deal with the International Monetary Fund (IMF) on Greece bailout.
The Karachi Stock Exchange (KSE) 100-share index gained 94.29 points or 0.58 percent to close at 16,364.77 points as compared to 16,270.48 points of the previous session. The KSE 30-share index was up by 62.41 points to close at 13,259.88 points as compared with 13,197.47 points of the previous session.
The market witnessed a new record-high mainly led by cement stocks, said Topline Sec dealer Samar Iqbal. Volume also remained attractive as more than 300 million shares were traded valuing Rs 6.9 billion.
Renewed buying was seen in cement stocks amid expectations that their December results would be better than their last quarter, he said and added that textile stocks also remained in the limelight due to improved margins.
The market turnover went up by 22.14 percent and traded 317.82 million shares after opening at 260.19 million shares. The overall market capitalisation rose 0.51 percent and traded Rs 4.105 trillion as against Rs 4.084 trillion. Gainers beat losers 195 to 179, while 18 stocks were unchanged.
Stocks closed at a record-high level amid higher trades in stocks across-the-board on renewed foreign interest after global stocks rallied on Europe deal with IMF on Greece bailout, said Arif Habib Corporation Director Ahsan Mehanti. Investors interest in oil, cement and fertilizer stocks on higher global commodities affected the investor sentiment.
Higher textile sector exports on EU relaxations and speculations on rate cut ahead of State Banks policy announcement next month played a catalyst role in the bullish sentiment at KSE despite concerns over higher fiscal deficit and lower banking spreads, he added.
The KMI 30-share index gained by 174.06 points to close at 28,408.58 points from its opening at 28,234.52 points. The KSE all-share index closed with a gain of 60.58 points to close at 11,563.37 points as against 11,502.79 points.
While the second-tier stocks witnessed technical adjustment the 100-share index stocks mainly from cement and oil marketing companies witnessed renewed buying interest, said Escorts Capital Chief Operating Officer Husnein Asghar Ali. Sensation linked to issuance of 3G licence re-invited activity in telecom stocks that are likely to participate directly or through their subsidiary in the auction, which is expected to be conducted in the calendar year since the budgeted revenue along with Coalition Support Fund (CSF) and remittance continues to hold its value to address financial matters.
Fauji Cement was the volume leader in the share market with 31.70 million shares as it closed at Rs 6.90 after opening at Rs 7.03, shedding 13 paisas. KESC traded 28.26 million shares as it closed at Rs 6.56 from its opening at Rs 5.83, gaining 73 paisas. Dera Ghazi Khan Cement traded 19.79 million shares and closed at Rs 55.40 as compared to its opening at Rs 53.44, rising Rs 1.96. Maple Leaf Cement traded 15.57 million shares as it closed at Rs 16.61 as against its opening at Rs 16.44, increasing 17 pasias.
Daily Times - Leading News Resource of Pakistan
