Bulls dominate proceedings, index up 38 points


The bulls kept dominating Karachi stocks market on Tuesday with benchmark, KSE 100-share index gained 38.44 points. The day saw the index closing up by 0.28 percent at 13903.12 points against 13,864.68 points of Monday.
Higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSE, said Abdul Azeem, an analyst at InvestCap.
On Tuesday, the trading volumes at the ready-counter were recorded lower at 290.421 million shares against 348.244 million shares of the previous day. The trading value too decreased to Rs 5.393 billion compared to Rs 5.412 billion of the previous session. The intraday high and low, respectively, stood at 14,002.08 and 13,864.68 points.
He added that the Pakistan Stocks closed higher amid renewed institutional & foreign interest lead by third tier stocks. The market capitalization grew modestly and increased to Rs 3.574 trillion from Rs 3.564 trillion a day earlier. Of the total 378 traded scrips, 157 gained, 140 lost and 81 finished as unchanged.
The free-float KSE-30 index also gained 29.35 points to close at 12,161.81 points against the previous 12,132.46 points. Azeem said, “Report of approval of rise in natural gas by 30pc and hopes for early announcements on revised CGT implementation affected the sentiments.
National Investment Bank Limited was the day’s volume leader counting its traded shares at 32.258 million with the opening and closing rates standing at Rs 2.85 and Rs 2.95, followed by Dewan Cement, D.G.K. Cement, Byco Petroleum and Jahangir Siddiqui Company Limited with turnover of 26.392 million, 20.150 million, 13.755 million and 13.328 million shares respectively. According to analyst the Index remained over a narrow range amid investor interest in selected oil, cement and banking stocks ahead of key quarter end earning announcements due next week. On the future market, the turnover increased remarkably by over 3 million shares to 14.809 million against 11.374 million shares of Monday. The UniLever Pakistan Limited XD and Sanofi-Aventis, up Rs 51.81 and Rs 8.79, led highest price gainers while, Siemens Pakistan and Nestle Pakistan XD, down Rs 23.00 and Rs 22.33 respectively, led the losers.