Buying in blue chips thrusts KSE 100-share index 263 points up
Friday, 11 September 2009
KARACHI, Sept 10: The Karachi stock market witnessed a bullish trading session, on Wednesday as investors took positions in blue chips while oil crossed $70 per barrel changing the fundamentals of the oil sector to positive, according to Daily Times.
The Karachi Stock Exchange (KSE) 100-share index increased by 263.42 points or 2.99 per cent to closed at 9,084.98 points as compared to previous session's 8,821.56 points. The KSE 30-share index closed at 9,748.97 points with a gain of 336.90 points. The KMI 30 index closed at 13,342.47 with a surge of 433.73 points.
Analysts said that the 100-share index was buoyant right from the opening and this trend prevailed throughout the trading session. Banking and energy sectors were in the limelight.
The market turnover went up by 61.15 per cent and traded 252.30 million shares as compared with previous session's 156.56 million shares. The overall market capitalisation was up by 2.79 per cent to close at Rs 2.644 trillion as against Rs 2.572 trillion. Out of total 382 companies, 244 closed in the positive zone, 118 in negative and 20 remained unchanged.
"Taking advantage of increased discounts available due to recent decline in the previous couple of sessions the retail and corporate participants accumulated low priced stocks and large cap stocks available at low multiples in almost all the sectors mainly those likely to grow at par or outperform the economy," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"Rise in international oil prices ahead of OPEC meeting, provided trigger to the oil and gas exploration and marketing stocks while whispers of increase in Forced Sale Value or likely relaxation for non-performing loans treatment to be provided by the banking regulator brought the sector in the limelight and the sector led the turnover allowing substantial gains to the 100-share index."
Turnover failed to support the gains as certainly the sentiment indicated a decent rise in the turnover. Unfortunately unavailability of ready board leverage disallowed substantial rise in the turnover led by main board stocks.
Unavailability of leverage float on the other hand triggered extreme movement that lead to price inflation and erosion, indicted by upper/lower locks even in large cap stocks with low traded volumes.
The KSE 100-share index opened in the green zone with a gain of 34.02 points and at the end of the day closed at 9,084.98 points with a gain of 263.42 points.
Pak PTA Ltd was the volume leader in the share market with 35.48 million shares as it closed at Rs 5.07 after opening at Rs 4.38, gaining 69 paisas.
LAHORE: The Lahore Stock Exchange (LSE) closed higher with an improvement in the volume on Wednesday. The LSE 25-share index added 84.20 points to close at 2,866.16 points as against its opening at 2,781.96 points.
The volume of the market remained at 27.05 million shares, which was 9.49 million shares more than Tuesday's turnover of 17.55 million shares. PSO was the major gainer and surged Rs 14.14 to close at Rs 296.85 after opening at Rs 282.71. National Refinery added Rs 11.01 to close at Rs 231.24 from its opening at Rs 220.23.
The Karachi Stock Exchange (KSE) 100-share index increased by 263.42 points or 2.99 per cent to closed at 9,084.98 points as compared to previous session's 8,821.56 points. The KSE 30-share index closed at 9,748.97 points with a gain of 336.90 points. The KMI 30 index closed at 13,342.47 with a surge of 433.73 points.
Analysts said that the 100-share index was buoyant right from the opening and this trend prevailed throughout the trading session. Banking and energy sectors were in the limelight.
The market turnover went up by 61.15 per cent and traded 252.30 million shares as compared with previous session's 156.56 million shares. The overall market capitalisation was up by 2.79 per cent to close at Rs 2.644 trillion as against Rs 2.572 trillion. Out of total 382 companies, 244 closed in the positive zone, 118 in negative and 20 remained unchanged.
"Taking advantage of increased discounts available due to recent decline in the previous couple of sessions the retail and corporate participants accumulated low priced stocks and large cap stocks available at low multiples in almost all the sectors mainly those likely to grow at par or outperform the economy," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"Rise in international oil prices ahead of OPEC meeting, provided trigger to the oil and gas exploration and marketing stocks while whispers of increase in Forced Sale Value or likely relaxation for non-performing loans treatment to be provided by the banking regulator brought the sector in the limelight and the sector led the turnover allowing substantial gains to the 100-share index."
Turnover failed to support the gains as certainly the sentiment indicated a decent rise in the turnover. Unfortunately unavailability of ready board leverage disallowed substantial rise in the turnover led by main board stocks.
Unavailability of leverage float on the other hand triggered extreme movement that lead to price inflation and erosion, indicted by upper/lower locks even in large cap stocks with low traded volumes.
The KSE 100-share index opened in the green zone with a gain of 34.02 points and at the end of the day closed at 9,084.98 points with a gain of 263.42 points.
Pak PTA Ltd was the volume leader in the share market with 35.48 million shares as it closed at Rs 5.07 after opening at Rs 4.38, gaining 69 paisas.
LAHORE: The Lahore Stock Exchange (LSE) closed higher with an improvement in the volume on Wednesday. The LSE 25-share index added 84.20 points to close at 2,866.16 points as against its opening at 2,781.96 points.
The volume of the market remained at 27.05 million shares, which was 9.49 million shares more than Tuesday's turnover of 17.55 million shares. PSO was the major gainer and surged Rs 14.14 to close at Rs 296.85 after opening at Rs 282.71. National Refinery added Rs 11.01 to close at Rs 231.24 from its opening at Rs 220.23.