Bulls stampede over 13,000pt barrier as index gains 147points


The Karachi stocks market witnessed a bullish trend in scrips across the board as Friday saw the benchmark 100-share index crossing the 13,000 points mark after a gap of 45 moths.
“The stocks closed bullish in scrips across the board on positive statement by US State department on no threat for US Secretary statements against Iran Pipeline,” viewed Ashen Mehanti, a director at Arif Habib Securities..
On last trading day of the week the KSE 100-share index gained 147.59.50 points to close at 13,088.97 points against 12,941.38 points of Thursday. “As a follow on of apex regulator confirmation for reformed CGT regime implementation from April 1st, institutional and retail interest witnessed amid higher trades leading the index to close above 13,000 level,” said Mehanti.
The index was seen hitting the intraday high of 13,101.09 points and then sliding to 12,941.38 points, the intraday low.
The total traded shares also skyrocketed to 253.003 million shares against 182.219 million shares of the previous day. The trading value also rose to Rs6.576 billion from Rs5.4 billion on Thursday. According to analysts, the factors that played as a catalyst on Friday include strong valuations in banking, oil and fertilizer stocks, resumption of gas supplies in fertiliser sector, easing circular debt concerns in power sector after electricity tariffs were raised by 39pc by Nepra. This was “despite concerns for falling rupee dollar parity and current account deficit,” said Mehanti.
The market capital increase to Rs3.392 trillion against Rs3.352 trillion of the last session. Of the total 349 scrips traded, 183 gained, 73 lost while 93 remained unchanged. The turnover in future contracts also upped and was recorded at 14.310 million shares compared to 10.59 million shares of the previous day.
Fauji Cement continued to dominate the volumes by counting its traded shares at 44.64 million shares each priced at Rs4.47 in the opening and Rs5.03 in the closing.