Amid higher trading volumes the Karachi stocks market gained 26.44 points on Thursday as profit-taking restrained the benchmark index to set a new record.
“The KSE-100 yet again tried to climb above the new high, however, could not close above the high for the current uptrend,” viewed Abdul Azeem of InvestCap.
The profit-taking at strength forced the market to retreat, as it closed with only 26 points positive, said the analyst. The KSE 100-share index closed at 13,271.39 points against 13,244.95 points of Wednesday. The intraday high and low for the index was recorded at 13,364.66 points and 13,244.95 points.
“The stocks closed higher amid higher trades post major announcements at KSE led by second and third tier stocks on strong valuations,” said Ashen Mehanti of Arif Habib Securities. The total traded shares at the ready-counter were recorded peaking to 358.177 million shares compared to 318.609 million shares of a last session. The trading value, however, eased down to Rs5.884 billion from the previous Rs7.058 billion.
“Normal turnover for the day is suggesting no panic on part of the bulls,” said analyst Azeem. The market capital rose slightly to Rs3.448 trillion against Rs3.440 trillion. In total 391 scrips were traded of which 227 gained, 87 lost while 77 remained unchanged.
The turnover in future contracts lowered and closed at 12.950 million shares as against 15.374 million of last day. Fauji Cement maintained the top slot in terms of volumes with its traded shares accounting for 44.363 million each priced at Rs5.02 in the opening and Rs5.49 in the closing.
According to Mehanti, the factors that played as catalyst on Thursday include a renewed foreign interest, recovery in global stocks and commodities after developments in Greece crucial debt swap, retail and institutional support ahead of reformed CGT regime implementation, resumption of gas supplies in fertilizer sector and easing circular debt concerns in power sector.
This, he said, was despite the investors’ concerns for rising current account deficit on higher global commodities.
