KSE crawls up 62 points

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KARACHI: The Karachi Stock Exchange (KSE) exhibited a mixed performance on Monday and was pushed despite the extremely low turnover and gained 62 points at the closing.
The pressing lack of any new information on the status of margin trading system (MTS), gloomy financial prognosis, the dire lack of security, and the continuing row between the judiciary and the government all played a role in depressing the market. According to an unofficial update, the proposed MTS system (without amendment) is likely to be implemented by the end of the current month.
The KSE-100 Index closed at the 10322.55 level with a gain of 62.05 points and the KSE all share index closed at 7205.76, up by 40.89 points. The KSE-30 Index closed at 9968.55 level gaining 38.98 points.
The ready market volume stood at 88.884 million against the previous volume of 137.094 million. The total value stood at Rs 3.791, while 205 scrips advanced, 185 diminished and 23 remain unchanged.
The top gainers were Bank Alfalah, Atlas Bank ltd, NIB Bank, DGK Cement and Nishat Mills Ltd, while dominant companies losing volume were Fuji Fertiliser Co, Bank of Punjab, JS Bank, Pak Petroleum Ltd and Telecard.
Market experts are predicting that estimates of runaway inflation and increased government borrowings would result in higher interest rates.
The highest volumes were witnessed in Bank Alfalah’s 13.960 million, closing at Rs 9.27 with a gain of Rs 0.16, followed by Atlas Bank’s 4.483 million, closing at Rs 2.31 with a gain of Rs 0.13. The NIB Bank was third with a volume of 3.945 million closing at Rs 3.00 with a loss of Rs 0.08.
As the session progressed, accumulation of front line stocks of refinery and cement sector soon had a spillover effect in energy and banking stocks.
Nevertheless executions on the trading system did allow a substantial increase in the turnover but the morale failed to improve, except for participation for short-term trading opportunities.
“Short-term trading opportunities on technical calls can be capitalised in the main board stocks inviting a decent turnover,” said Hasnain Asghar Ali of the Aziz Fida Hussain and Company.