KARACHI: The energetic bull fueled the index and crashed all hurdles, gaining 199 points. The benchmark index traded at the highest level of the year and provided much required boost and excitement to investors.
The KSE-100 index stood at 11629.93 following an accumulation of 198.92 points, while the total volume and total value stood at 135,368,265 and 7,765,141,348 respectively.
Exploration & Production and banks were in the limelight, driven largely by support from foreign fund managers. OGDC crossed over the Rs 170 mark, while NBP exceeded the Rs 70 mark. PPL also moved with the wind, while POL hit its upper cap boosting investors’ confidence.
The stimulation soon spilled over to various main board stocks; the banking stocks on expectations of high cash and stock payouts, while large cap stocks of the sector from both frontline and low priced range invited renewed buying.
Support was certainly backed by off-shore participants. Local participants were mere followers and support by financial groups in their respective stocks gave the market wider options for day trades. Following initial trading hours, gains remained intact due to low volume influx in index heavy weights, trading activity however reduced substantially that disallowed the turnover to match the excitement created by gains in the benchmark.
The day-end across the board activity generated by the resident participants, however, allowed the benchmark to close the day at the highest levels of recent times. While the local bourse awaiting timeline and modalities of the ready board leverage product, the news flow from economic, financial and various fronts kept the cautious stance alive, thereby keeping day traders in search of short term trades.
Since the market stays at the mercy of deep-pocketed players active from both domestic and offshore accounts, caution stays the call, however trading opportunities emerging out of snap rallies or technical calls can be capitalised with identified stop losses.
Various issues on economic fronts and non-availability of flexible leverage product for ready board placements can only be opted for on dips, mainly in the fundamentally strong stocks having consistent payout history and those having least impact of rising interest rates, said Hasnain Asghar Ali at Aziz Fidahusein.
LSE stages stunning recovery
LAHORE: The Lahore Stock Exchange (LSE) remained bullish on Wednesday marked by a marvelous volume. The Oil and banking sector stayed the centre of attention for investors. The LSE 25-shares accumulated 69.75 points to close at 3,665.74 against its opening at 3,595.99 levels.
Volume of the market augmented 6.85 million shares to close at 13.08 million shares. Out of 136 active scrips, 48 went up, 20 declined and 68 showed no change in their opening values. Lotte Pakistan PTA, with a turnover of three million shares was the volume leader and it also added Rs 0.5 to close at Rs 13.14 against its opening at Rs 12.64.
Silkbank, with a turnover of 1.6 million shares, gained Rs 0.04 to close at Rs 2.71 against its opening at Rs 2.67. Pakistan Oil Fields was the major gainer as it added Rs 13.81 to close at Rs 289.95 against its opening at Rs 276.14. Pakistan Petroleum Limited followed suit as it gained Rs 6.79 to close at Rs 208.89 against its opening at Rs 202.10.
Service Industries, with a turnover of 1,450 shares, was the major loser as it lost Rs 3.17 to close at Rs 243 against its opening at Rs 246.17. Escorts Investment, with a turnover of five shares, lost Rs 0.53 to close at Rs 2.26 against its opening at Rs 2.79. Staff Report
