KSE 100-share index increases by 229.17 points
Sunday, 2 August 2009
KARACHI, AUGUST 1: Bullish sentiments were witnessed at the Karachi stock market on the last trading day of the week Friday on support from intense buying activities as State Bank of Pakistan hinted at discount rate cut in the next monetary policy review on August 15, according to Daily News.
The Karachi Stock Exchange (KSE) 100-share index increased by 229.17 points or 3.06 per cent to close at 7,720.93 points as compared to 7,491.76 points of the previous trading session. The KSE 30-share index closed at 8,195.93 points with a gain of 275.91 points. The KMI 30 index closed at 11,674.75 points with a surge of 353.64 points.
Analysts said that the KSE 100-share index made a massive gain despite opening negatively as investors took positions across-the-board on International Monetary Fund's (IMF) positive remarks on consideration over $4 billion loan for Pakistan's economic revival.
The market turnover went up by 40.92 per cent and traded 140.36 million shares as compared to previous session's 99.60 million shares. The overall market capitalisation was up by 2.93 per cent to close at Rs 2.78 trillion as compared with Rs 2.213 trillion. Out of total 367 companies, 259 closed in the positive zone, 89 in negative, while 19 remained unchanged.
"Linked to IMF tranche, approval of extended aid facility and healthy remarks by SBP governor regarding high liquidity available with local banks and instructions of the authority to extend loans to private sectors, geared up seasoned players," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"Short covering allowed the market to end the five-day long bearish spell." Technical bounce back allowed the 100-share index to register triple digit gains, since the recovery was initiated with low turnover, mainly due to absence of ready board leverage sideliners preferred to continue with wait and see policy while the liquid participants staged price inflation as the suspense regarding interest rate cut and declining trend in dollar reserves along with weakening of local currency stayed points of concern, he added.
Confidence expressed by the finance minister regarding materialisation of funds committed at friends' forum and inflow on account of 'war on terror' improved the confidence level of participants of the economy.
"Rise in international oil prices, record cement sale dispatches this month and favourable outlook on result in oil, banking and cement sectors pushed the market into the green zone," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the red zone with a loss of 24.42 points and at the end of the day closed at 7,720.93 points with a gain of 229.17 points.
Fauji Cement was the volume leader in the share market with 9.05 million shares as it closed at Rs 8.20 after opening at Rs 7.79 making a financial gain of 41 paisas. Jah Siddi and Co traded 7.02 million shares as it closed at Rs 23.60 from its opening at Rs 23.40 gaining 20 paisas.
Arif Habib Sec traded 6.70 million shares as it closed at Rs 26.88 as against its opening at Rs 26.01 gaining 87 paisas. DGK Cement traded 5.04 million shares as it closed at Rs 34.62 as compared to its opening at Rs 35.90 shedding Rs 1.28.
LAHORE: The Lahore Stock Exchange (LSE) remained bullish on Friday with an increase in the turnover. The LSE 25-share index added 78.28 points to close at 2,314.09 points as against its opening at 2,235.81 points. The volume of the market remained at 11.51 million shares, which was around 2.16 million more than Thursday's turnover of 9.35 million shares.
Out of 120 active scrips, 60 went up, 10 declined and 50 showed no change in their opening values. PSO was the major gainer and added Rs 10.74 to close at Rs 238.31 from its opening at Rs 227.57. MCB Bank gained Rs 7.61 to close at Rs 160.79 after opening at Rs 153.18.
Haseeb Waqas with 35 shares turnover lost Rs 1.39 to close at Rs 26.49 as compared to its opening at Rs 27.88. Royal Bank of Scotland fell 41 paisas to close at Rs 15.09 as compared with its opening at Rs 15.50. Fauji Cement was the major volume leader and with 1.68 million shares increased by 21 paisas to close at Rs 8.41 as against its opening at Rs 8.20.
The Karachi Stock Exchange (KSE) 100-share index increased by 229.17 points or 3.06 per cent to close at 7,720.93 points as compared to 7,491.76 points of the previous trading session. The KSE 30-share index closed at 8,195.93 points with a gain of 275.91 points. The KMI 30 index closed at 11,674.75 points with a surge of 353.64 points.
Analysts said that the KSE 100-share index made a massive gain despite opening negatively as investors took positions across-the-board on International Monetary Fund's (IMF) positive remarks on consideration over $4 billion loan for Pakistan's economic revival.
The market turnover went up by 40.92 per cent and traded 140.36 million shares as compared to previous session's 99.60 million shares. The overall market capitalisation was up by 2.93 per cent to close at Rs 2.78 trillion as compared with Rs 2.213 trillion. Out of total 367 companies, 259 closed in the positive zone, 89 in negative, while 19 remained unchanged.
"Linked to IMF tranche, approval of extended aid facility and healthy remarks by SBP governor regarding high liquidity available with local banks and instructions of the authority to extend loans to private sectors, geared up seasoned players," said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.
"Short covering allowed the market to end the five-day long bearish spell." Technical bounce back allowed the 100-share index to register triple digit gains, since the recovery was initiated with low turnover, mainly due to absence of ready board leverage sideliners preferred to continue with wait and see policy while the liquid participants staged price inflation as the suspense regarding interest rate cut and declining trend in dollar reserves along with weakening of local currency stayed points of concern, he added.
Confidence expressed by the finance minister regarding materialisation of funds committed at friends' forum and inflow on account of 'war on terror' improved the confidence level of participants of the economy.
"Rise in international oil prices, record cement sale dispatches this month and favourable outlook on result in oil, banking and cement sectors pushed the market into the green zone," said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti.
The KSE 100-share index opened in the red zone with a loss of 24.42 points and at the end of the day closed at 7,720.93 points with a gain of 229.17 points.
Fauji Cement was the volume leader in the share market with 9.05 million shares as it closed at Rs 8.20 after opening at Rs 7.79 making a financial gain of 41 paisas. Jah Siddi and Co traded 7.02 million shares as it closed at Rs 23.60 from its opening at Rs 23.40 gaining 20 paisas.
Arif Habib Sec traded 6.70 million shares as it closed at Rs 26.88 as against its opening at Rs 26.01 gaining 87 paisas. DGK Cement traded 5.04 million shares as it closed at Rs 34.62 as compared to its opening at Rs 35.90 shedding Rs 1.28.
LAHORE: The Lahore Stock Exchange (LSE) remained bullish on Friday with an increase in the turnover. The LSE 25-share index added 78.28 points to close at 2,314.09 points as against its opening at 2,235.81 points. The volume of the market remained at 11.51 million shares, which was around 2.16 million more than Thursday's turnover of 9.35 million shares.
Out of 120 active scrips, 60 went up, 10 declined and 50 showed no change in their opening values. PSO was the major gainer and added Rs 10.74 to close at Rs 238.31 from its opening at Rs 227.57. MCB Bank gained Rs 7.61 to close at Rs 160.79 after opening at Rs 153.18.
Haseeb Waqas with 35 shares turnover lost Rs 1.39 to close at Rs 26.49 as compared to its opening at Rs 27.88. Royal Bank of Scotland fell 41 paisas to close at Rs 15.09 as compared with its opening at Rs 15.50. Fauji Cement was the major volume leader and with 1.68 million shares increased by 21 paisas to close at Rs 8.41 as against its opening at Rs 8.20.