The bulls kept dominating Karachi stocks market on Wednesday with benchmark, KSE 100-share index skyrocketing to 13,357 points and gaining 125.68 points. Bullish sentiments prevailed in the trading session at KSE in stocks across the board, believes a leading analyst Ahsan Mehanti.
On Wednesday, the trading volumes at the ready-counter were recorded higher at 4.502 million shares against 3.527 million shares of the previous day. The trading value too surged to Rs 9.093 billion compared to Rs 5.475 billion of the previous session. The intraday high and low, respectively, stood at 13,669.72 and 13,449.73 points.
He added that the institutional interest remained in cements on higher local cement prices, oils stocks on expected rise in local POL prices and banking stocks on higher spreads. Investor concerns remained on the prevailing law & order situation in the country, viewed by analyst.
The market capitalization grew modestly and increased to Rs 3.484 trillion from Rs 3.453 trillion a day earlier. Of the total 375 traded scrips, 158 gained, 153 lost and 64 finished as unchanged.
Mehanti said, “Expectations of issuance of SRO on announcements made for CGT issues and reformed CGT regime implementation from April 1 by the Federal Finance Minister affected the sentiment ahead of quarter end close.” The free-float KSE-30 index also gained 165.73 points to close at 11,903.77 points against the previous 11,738.04 points. Bank of Punjab was the day’s volume leader counting its traded shares at 36.288 million with the opening and closing rates, respectively, standing at Rs 11.47 and Rs 10.47. On the future market, the turnover increased remarkably by over 6 million shares to 2.751 million against 2.148 million shares of Tuesday.
Abdul Azeem, an analyst at InvestCap said that the KSE-100 index managed to post yet another high and the highest close for the current uptrend. However, some profit taking is witnessed at new highs. The healthy turnover is suggesting that bulls are trying for stronger grip on the market. The UniLever Pakistan Limited XD and Indus Dyeing, up Rs 17.38 and Rs 15.38, led highest price gainers while, Nestle Pakistan XD and Colgate Palmolive, down Rs 61.41 and Rs 42.80 respectively, led the losers.
