KARACHI: The local bourse maintained its positive momentum, with the benchmark KSE 100 index propelling by 76 points to the 11,673 level.
Volumes stood at 142m, against an average of 173m seen during December, due to upcoming religious holidays. OGDC, the index heavyweight scrip, was on the move contributing 11 points to the index’s ascent.
Banking giants, MCB and HBL were also vibrant, adding 19 points to the index. NBP breached its traditional barrier of Rs 70/share and entered the volume leader’s board along with LOTPTA and JSCL. Given the wave witnessed on the benchmark index, a correction is likely to follow today’s bullish trend but the 12,000 level seems to be within reach.
The second tier stocks dominated volumes once again, as investors sought stocks which have underperformed in the recent upsurge, with JSCL closing at its upper limit. MCB rose by 1.8 percent after Chairman Mian Mansha hinted that the Bank could show profits of Rs 28 billion of the current year.
Volumes stood at 95,575,519 and the value stood at 4,148,818,296, while 211 scrips advanced, 186 declined and 18 remain unchanged out of total 415 scrips.
Even, serial sell-off through off-shore accounts failed to dampen spirits; allowing the benchmark to keep on gaining ground. Regular participants stayed active with clipped capacity in an extremely low band, offloading impact was well countered by high quantum activity in group specific stocks.
Unconfirmed rumours also played a role in maintain positive activity at the local bourse, a sudden increase in volume and gains in investment (securities) company testified to the trend.
However, the economic and financial outlook remains bleak; disinterest on the part of financial groups and holding companies continue to invite short term traders mainly for intra day trading. Total foreign activity at the stock today came out at $25.6m, gross buy was $22.5m and gross sell was $3.0m, while net buy stood at $19.5m (off market net buy was $19.3m).
