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KARACHI: The Karachi Stock Exchanges (KSE) benchmark 100-index surged to an all-time high of 15,910 points on Wednesday in anticipation of low inflation numbers for the month of October, said dealers.
The KSE-100 index surged by 114.18 points, or 0.72 percent, to 15,910.11 points. The closing replaced previous all-time high of 15,866 points recorded on October 24.
The KSE shot to record high in anticipation of single digit inflation at around 7.7 percent for October 2012, said Ahsan Mehanti, an analyst at Arif Habib Corporation, This would increase chances for another cut in interest rates by the State Bank of Pakistan (SBP), he said.
The Pakistan Bureau of Statistics is scheduled to report inflation numbers on Thursday (today).
Earlier during the session, the index moved both sides of the fence by 133.07 points making an intraday high of 15,924.96 points and a low of 15,791.89 points. The KSE 30-index increased by 111.51 points, or 0.86 percent, to 13,024.76 points in the session.
Mehanti added there were speculations in the market that SBP could slash interest rates by about 100 basis points to nine percent in the next monetary policy statement to be announced in December.
He said that that oil and cement stocks played a leading role in taking the index to a new all-time high, as global commodities and stocks rallied after super storm Sandy hit the New York region hard.
He said that oil price bounced back higher in world markets after US reported closure of its refineries due to Sandy.
He said that current account surplus for the first quarter (July-September) of fiscal year 2013 also convinced investors to acquire fundamentally strong stocks.
Samar Iqbal, an equity dealer at Topline Securities, said that renewed foreign and local institutional buying helped the market surging to yet another historic high. Bullish sentiments further augmented after better than expected result announcements from Pakistan Petroleum Limited and Hub Power Company Limited, she said.
DG Khan Cement-XD was turnover leader with 14.97 million shares as it closed at Rs52.91 with an increase of Rs1.04 followed by Azgard Nine with 8.99 million shares as it closed at Rs6.97 with a gain of 46 paisas. Askari Bank closed at Rs16.57 with a loss of seven paisas on a turnover of 7.72 million shares.
Turnover rose to 135.83 million shares from 84.99 million shares traded in the last session in the previous session. Turnover in futures improved to 14.65 million shares from 7.35 million shares traded a day earlier.
Market capitalisation surged by Rs25 billion to Rs3,964 billion. As many as 336 companies traded on board, while 173 declined, 144 advanced, and 19 closed unchanged.
Stocks that played a leading role in driving the index up were included DG Khan Cement-XD, Lucky Cement-XD, Fauji Fertilizer Company, Nishat Mills Limited-XD, Engro Corporation, Oil and Gas Development Company, Kot Addu Power Company-XD, United Bank Limited, Hub Power Company-XD, Pakistan Petroleum Limited and Pakistan Oilfields Limited-XD.
KSE index climbs to all-time high of 15,910 points - thenews.com.pk
The KSE-100 index surged by 114.18 points, or 0.72 percent, to 15,910.11 points. The closing replaced previous all-time high of 15,866 points recorded on October 24.
The KSE shot to record high in anticipation of single digit inflation at around 7.7 percent for October 2012, said Ahsan Mehanti, an analyst at Arif Habib Corporation, This would increase chances for another cut in interest rates by the State Bank of Pakistan (SBP), he said.
The Pakistan Bureau of Statistics is scheduled to report inflation numbers on Thursday (today).
Earlier during the session, the index moved both sides of the fence by 133.07 points making an intraday high of 15,924.96 points and a low of 15,791.89 points. The KSE 30-index increased by 111.51 points, or 0.86 percent, to 13,024.76 points in the session.
Mehanti added there were speculations in the market that SBP could slash interest rates by about 100 basis points to nine percent in the next monetary policy statement to be announced in December.
He said that that oil and cement stocks played a leading role in taking the index to a new all-time high, as global commodities and stocks rallied after super storm Sandy hit the New York region hard.
He said that oil price bounced back higher in world markets after US reported closure of its refineries due to Sandy.
He said that current account surplus for the first quarter (July-September) of fiscal year 2013 also convinced investors to acquire fundamentally strong stocks.
Samar Iqbal, an equity dealer at Topline Securities, said that renewed foreign and local institutional buying helped the market surging to yet another historic high. Bullish sentiments further augmented after better than expected result announcements from Pakistan Petroleum Limited and Hub Power Company Limited, she said.
DG Khan Cement-XD was turnover leader with 14.97 million shares as it closed at Rs52.91 with an increase of Rs1.04 followed by Azgard Nine with 8.99 million shares as it closed at Rs6.97 with a gain of 46 paisas. Askari Bank closed at Rs16.57 with a loss of seven paisas on a turnover of 7.72 million shares.
Turnover rose to 135.83 million shares from 84.99 million shares traded in the last session in the previous session. Turnover in futures improved to 14.65 million shares from 7.35 million shares traded a day earlier.
Market capitalisation surged by Rs25 billion to Rs3,964 billion. As many as 336 companies traded on board, while 173 declined, 144 advanced, and 19 closed unchanged.
Stocks that played a leading role in driving the index up were included DG Khan Cement-XD, Lucky Cement-XD, Fauji Fertilizer Company, Nishat Mills Limited-XD, Engro Corporation, Oil and Gas Development Company, Kot Addu Power Company-XD, United Bank Limited, Hub Power Company-XD, Pakistan Petroleum Limited and Pakistan Oilfields Limited-XD.
KSE index climbs to all-time high of 15,910 points - thenews.com.pk
