The bulls kept dominating Karachi stocks market on first working day of the week Monday with benchmark, KSE 100-share index gained 69.36 points. The day saw the index closing up by 0.48 percent at 14, 379.54 points against 14, 310.18 points of Friday. Pakistan stocks closed higher on institutional support after global stocks and commodities recover, as viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Monday, the trading volumes at the ready-counter were recorded lower at 89.542 million shares against 94.336 million shares of the previous day. The trading value increased to Rs 3.801 billion compared to Rs 3.756 billion of the previous session. The intraday high and low, respectively, stood at 14, 397.93 and 14, 253.39 points.
He added that the Pakistan stocks closed bullish as investors speculated ahead of SECP chairman visit to KSE to discuss pending issues. The market capitalization increased to Rs 3.662 trillion from Rs 3.644 trillion a day earlier. Of the total 349 traded scrips, 138 gained, 100 lost and 111 finished as unchanged. The free-float KSE-30 index went up by 52.61 points to close at 12, 504.61 points against the previous 12, 452.00 points.
Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 13.497 million with the opening and closing rates standing at Rs 13.51 and Rs 14.24, followed by D.G.K Cement, Engro Foods Limited, Bank Al-Falah and Azgard Nine with turnover of 12.509 million, 9.827 million, 3.608 million and 3.448 million shares respectively.
According to analyst the institutional interest witnessed in stocks across the board ahead of corporate earning announcements due next week amid hopes for recovery in global stocks and commodities.
On the future market, the turnover decreased by over four million shares to 5.808 million against 9.379 million shares of last working day of the week.
Mehanti said that hopes for improvement in macroeconomic situation after release of US coalition support funds kept sentiments positive. The UniLever Food and Colgate Palmolive, up Rs 62.75and Rs 30.84, led highest price gainers while, Nestle Pakistan Limited and Abbott Laboratories, down Rs 35.93 and Rs 4.11 respectively, led the losers.
