Bulls eye the pre-budget rag, lift index up 40 points


On Tuesday the bulls kept dominating Karachi stocks market with the benchmark, KSE 100-share index gained 40.34 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed higher in pre -budget rally at KSE on renewed foreign interest and institutional support.
The day saw the index closing up by 0.29 percent at 14,071.85 points against 14,031.51 points of first working day of the week. The trading volumes at the ready-counter were recorded lower at 160.177 million shares against 181.329 million shares of the previous day. The trading value was up to Rs 5.835 billion compared to Rs 5.725 billion of the last day session. The intraday high and low, respectively, stood at 14,168.05 and 14,031.51 points.
He added that the Recovery in global stocks and commodities on expectations for ease in Euro zone debt crises, speculations amid federal budget announcements due this week played a catalyst role in bullish sentiments despite concerns for rising political uncertainty and violence in the city. The market capitalization grew modestly and increased to Rs 3.601 trillion from Rs 3.591 trillion a day earlier. Of the total 384 traded scrips, 177 gained, 147 lost and 60 finished as unchanged.
The free-float KSE-30 index also gained 04.15 points to close at 12,243.28 points against the previous 12,239.13 points. The KSE all-share index closed with a gained of 29.16 points to 9,909.16 points as against 9,880.00 points.
Mehanti stated that Trade remained thin on cautious activity amid hopes for early resolution of NATO supply issue leading to release of US military aid to Pakistan. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 11.590 million with the opening and closing rates standing at Rs 16.14 and Rs 16.25, followed by Bank Islami Pakistan, D.G.K. Cement, Engro Corporation and Lotte Pakistan PTA with turnover of 8.839 million, 8.679 million, 7.593 million and 6.688 million shares respectively.
On the future market, the turnover shed by over 6 million shares to 10.043 million against 16.892 million shares of Monday. The Unilever Pakistan XD and Nestle Pakistan Limited, up Rs 139.05 and Rs 102.14, led highest price gainers while, Indus Motor Company and Philip Morris Pakistan, down Rs 8.66 and Rs 7.93 respectively, led the losers.