Bulls return with vengeance

On last working of the week Friday the bulls kept dominating Karachi stocks market with the benchmark, KSE 100-share index skyrocket 105.69 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed bullish on expectations for improvement on Pak-US relations post opening of NATO routes after parliament approves policies recommendations and renewed hopes for early announcements on revised CGT regime.
The day saw the index closing up by 0.77 percent at 13799.43 points against 13,693.74 points of Thursday. The trading volumes at the ready-counter were recorded higher at 380.025 million shares against 340.509 million shares of the previous day. The trading value too surged to Rs 8.859 billion compared to Rs 7.067 billion of the previous session. The intraday high and low, respectively, stood at 14,007.55 and 13,693.74 points.
He added that the higher global commodities and stocks, renewed foreign interest in oil and banking stocks on stronger earnings outlook ahead of major earning announcements due next week played a catalyst role in bullish sentiments at KSE despite concerns for worsening security situation in the city.
The market capitalization grew modestly and increased to Rs 3.537 trillion from Rs 3.515 trillion a day earlier. Of the total 354 traded scrips, 153 gained, 129 lost and 72 finished as unchanged.
The free-float KSE-30 index also gained 134.44 points to close at 12,065.44 points against the previous 11,931.00 points. The KSE all-share index closed with a gained of 62.86 points to 9,695.54 points as against 9,632.68points.
Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 28.478 million with the opening and closing rates standing at Rs 19.77 and Rs 18.77, followed by P.T.C.L.A, D.G.K. Cement, Fauji Cement and Dewan Cement with turnover of 25.814 million, 23.143 million, 18.200 million and 17.966 million shares respectively.
On the future market, the turnover recovered remarkably by over 11 million shares to 30.612 million against 19.646 million shares of Thursday. The Unilever Food XD and Millat Tractors, up Rs 90.56 and Rs 19.16, led highest price gainers while, Nestle Pakistan XD and Mithchells Fruit , down Rs 64.43 and Rs 8.62 respectively, led the losers.