Karachi Stock Exchange 100-share index increases by 134.49 points
Sunday, 23 August 2009
KARACHI, Aug 22: The Karachi stock market faced a bullish trading session on the last trading day of the week Friday as the approval of 24 projects including the Bhasha Dam project by the Executive Committee of the National Economic Council encouraged investors to take positions.
The Karachi Stock Exchange (KSE) 100-share index increased by 134.49 points or 1.69 per cent to close at 8,107.94 points as compared to the previous session's 7,973.45 points. The KSE 30-share index closed at 8,592.70 points with a gain of 151.55 points.
The KMI 30 index closed at 12,122.49 points with a rise of 198.76 points. Other reasons for the positive trend were foreign interest in telecom sector and expectations of record result announcements by oil exploration companies next week.
The market turnover went up by 25.25 per cent and traded 125.98 million shares as compared with previous session's 100.58 million shares. The overall market capitalisation was up by 1.61 per cent to close at Rs 2.385 trillion as against Rs 2.347 trillion.
Out of total 355 companies, 232 closed in the positive zone, 104 in negative, while 19 remained unchanged. "Construction of Bhasha Dam gave the most desired trigger to the beneficiary sector as besides addressing the power need for economy the development offers a commitment to the local cement sector," said analyst at Aziz Fida Husein and Co Hasnain Asghar Ali.
"This allowed the leading and low priced stocks of the cement sector to comfortably manage green numbers." Recent visits and commitments' by both the local and foreign authorities have provided stimulus to the textile sector as leading textile stocks due to recent efforts which are likely to have a positive impact on the core profitability, kept the main board stocks of the sector active, he said.
Switching continued in the main board stocks mainly in fertilizer and oil and gas exploration sectors, while OMC sector led by PSO witnessed renewed buying interest. While independent power producers, both leading and penny stocks, staged a massive rally on the whispers that the issues hindering their production on full capacity have been addressed by the concerned authorities, he said and added that accumulation in low priced stocks besides providing trading opportunities to the investors supported the 100-share index to manage green numbers.
"Expectations of resolution of circular debt issue of OMCs, IPPs and oil refineries next week and rise in international oil prices near to $73 boosted investor confidence,"said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 24.69 points and at the end of the day closed at 8,107.94 points with a gain of 134.49 points.
LAHORE: The Lahore Stock Exchange (LSE) closed higher on Friday. The LSE 25-share index added 53.79 points to close at 2,441.66 points asd against its opening at 2,387.87 points.
The volume of market remained at 10.23 million shares, which was 2.03 million shares more than Thursday's turnover of 8.19 million shares. Nishat Power was the major gainer and surged Rs 7.20 to close at Rs 17.20 from its opening at Rs 10.
Royal Bank of Scotland lost Rs 1.41 to close at Rs 26.79 after opening at Rs 28.20. Bank Alfalah was the volume leader with 1.68 million shares and fell 80 paisas to close at Rs 11.81 as compared with its opening at Rs 11.01.
ISLAMABAD: The Islamabad stock market closed in the positive territory on Friday as the ISE 10-share index was up by 48.89 points to close at 1,946.36 points from its previous level of 1,897.47 points.
The Karachi Stock Exchange (KSE) 100-share index increased by 134.49 points or 1.69 per cent to close at 8,107.94 points as compared to the previous session's 7,973.45 points. The KSE 30-share index closed at 8,592.70 points with a gain of 151.55 points.
The KMI 30 index closed at 12,122.49 points with a rise of 198.76 points. Other reasons for the positive trend were foreign interest in telecom sector and expectations of record result announcements by oil exploration companies next week.
The market turnover went up by 25.25 per cent and traded 125.98 million shares as compared with previous session's 100.58 million shares. The overall market capitalisation was up by 1.61 per cent to close at Rs 2.385 trillion as against Rs 2.347 trillion.
Out of total 355 companies, 232 closed in the positive zone, 104 in negative, while 19 remained unchanged. "Construction of Bhasha Dam gave the most desired trigger to the beneficiary sector as besides addressing the power need for economy the development offers a commitment to the local cement sector," said analyst at Aziz Fida Husein and Co Hasnain Asghar Ali.
"This allowed the leading and low priced stocks of the cement sector to comfortably manage green numbers." Recent visits and commitments' by both the local and foreign authorities have provided stimulus to the textile sector as leading textile stocks due to recent efforts which are likely to have a positive impact on the core profitability, kept the main board stocks of the sector active, he said.
Switching continued in the main board stocks mainly in fertilizer and oil and gas exploration sectors, while OMC sector led by PSO witnessed renewed buying interest. While independent power producers, both leading and penny stocks, staged a massive rally on the whispers that the issues hindering their production on full capacity have been addressed by the concerned authorities, he said and added that accumulation in low priced stocks besides providing trading opportunities to the investors supported the 100-share index to manage green numbers.
"Expectations of resolution of circular debt issue of OMCs, IPPs and oil refineries next week and rise in international oil prices near to $73 boosted investor confidence,"said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the green zone with a gain of 24.69 points and at the end of the day closed at 8,107.94 points with a gain of 134.49 points.
LAHORE: The Lahore Stock Exchange (LSE) closed higher on Friday. The LSE 25-share index added 53.79 points to close at 2,441.66 points asd against its opening at 2,387.87 points.
The volume of market remained at 10.23 million shares, which was 2.03 million shares more than Thursday's turnover of 8.19 million shares. Nishat Power was the major gainer and surged Rs 7.20 to close at Rs 17.20 from its opening at Rs 10.
Royal Bank of Scotland lost Rs 1.41 to close at Rs 26.79 after opening at Rs 28.20. Bank Alfalah was the volume leader with 1.68 million shares and fell 80 paisas to close at Rs 11.81 as compared with its opening at Rs 11.01.
ISLAMABAD: The Islamabad stock market closed in the positive territory on Friday as the ISE 10-share index was up by 48.89 points to close at 1,946.36 points from its previous level of 1,897.47 points.