Karachi stock market stayed bullish on Monday with trading volumes remaining in the green zone on the back of what the analysts said rallying global stocks and the investors’ speculations ahead of major earning announcements this week.
The first day of the week saw the benchmark 100-share index finishing up by 0.18 per cent or gaining 22.22 points to close at 12,517.90 points compared to 12,495.68 points of Friday last week. “The stocks stayed bullish amid higher volumes after global stocks rally and investors speculate ahead of major earning announcements this week,” said Ashen Mehanti, a director at Arif Habib Securities. The day saw the trading volumes at the ready-counter going down but still higher at 232.851 million against 233.268 million shares of the previous day. The trading value, however, took a dip of almost Rs3 billion to stand at Rs4.62 billion compared to Rs7.045 billion of the last session. The intraday high and low were, respectively, counted at 12,595.42 and 12,495.68 points.
The market capitalization slightly grew and finished at Rs3.264 trillion versus Rs3.257 trillion the bourse had witnessed on last trading day of previous week. Of the total 445 traded scrips, 140 gained, 104 lost and 201 ended up as unchanged. The free-float KSE-30 index also gained 1.59 points and closed at 11,673.22 points against the previous 11,671.63 points.
Jahangir Siddique Company continued to remain on the top when it comes to volume leader and counted its traded shares at 38.075 million against Friday’s 30.603 million with the opening and closing rates, respectively, standing at Rs9.41 and Rs10.39.
On the future market, the turnover registered an upset and declined to Rs10.092 million shares compared to 13.109 million shares of last week.
Mehanti, a senior market observer, said the factors which played as a catalyst at the market on Monday include Higher local POL prices, higher global commodities, easing political outlook, speculations ahead of official announcements on resolution of the ill-conceived Capital Gains Tax issues in the prevailing bullish sentiments.