The Karachi stock market closed on a positive note on the first trading day of the week Monday. The KSE100 index trading below the 9DMA of 13,286pts, closing above this indicates further upside moves towards 13,500pts, said Abdul Azeem an analyst at InvestCap.
The Karachi Stock Exchange 100-share index gained 13.44 points or 0.10 percent to close at 13,286.73 points as compared to 13,273.29 points of the previous session. The KSE 30-share index was down by 13.00 points to close at 11,586.91 points as compared with 11,581.91 points.
He added that Pakistan stocks closed higher amid investor interest in second and third tier stocks. The market turnover went up by 14.33 percent and traded 278.010 million shares after opening at 225.97 million shares. The overall marketcapitalization rose 0.69 percent and traded Rs 3.410 trillion as against Rs 3.402 trillion. Gainers beat losers 190 to 119, while 55 stocks were unchanged.
According to Azeem, “Index remained in narrow range amid high volatility on rising political noise ahead of Supreme Court decisions pending in memogate and PM contempt cases. Investors awaited outcome of discussions on foreign policy,”
The KMI 30-share was down 4.58 points to close at 22,660.05 points from its opening at 22,664.24 points. The KSE all-share index closed with a gain of 22.55 points to 9,319.95 points as against 9,297.40 points.
Azeem stated thatInstitutional interest in bluechip oil, cements and banking stocks on strong valuations played a catalyst role in positive sentiments at KSE.
Azgard Nine was volume leader of the day, 30.895 million shares and gained Rs 1 to close at Rs 7.87, followed by, TRG Pakistan Limited and Engro Polymer and WorldCall Telecom with turnover of 24.506 million, 18.840 million and 17.754 million shares respectively.
He said that NATO supplies resumption and Pak-US relations ahead of reformed CGT regime implementation from April 1. The Wyeth Pakistan Limited XD and Service Ind XD, up Rs 26.80 and Rs 9.14, led highest price gainers while, Indus Dyeing and Fazal Textile, down Rs 13.63 and Rs 12.00 respectively, led the losers.
