The bulls kept dominating Karachi stocks market on Wednesday with benchmark, KSE 100-share index gaining 71.90 points. The day saw the index closing up at 14, 744.14 points against 14, 672.24 points of Tuesday.
Pakistan Stocks closed bullish amid institutional interest in blue chip stocks ahead of major earning announcements amid hopes for cut in SBP policy stance due to be announced on August 10, said by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Wednesday, the trading volumes at the ready-counter were recorded higher at 85.199 million shares against 44.962 million shares of the previous day. The trading value increased to Rs 2.699 trillion compared to Rs 3.747 trillion of the previous session. The intraday high and low, respectively, stood at 14, 762.00 and 14, 672.24 points. He added that the recovery in global stocks, strong earnings outlook played a catalyst role in bullish activity despite concerns for circular debt in Pakistan energy sector and power outrages for industrial sector.
The free-float KSE-30 index adds 66.85 points to close at 12, 692.31 points against the previous 12, 625.46 points.
The KMI 30-share was up by 158.95 points to close at 25, 643.28 points from its opening at 25, 484.33 points. The KSE all-share index closed with gain of 50.10 points to 10, 373.15 points as against10, 323.05 points.
LSE UP BY 129.11 POINTS
Lahore Stock Exchange on Wednesday witnessed bullish trend by gaining 129.11 points as the LSE-25 Index opened with 3526.99 and closed at 3656.10 points. The market’s overall situation also corresponded to an upward trend as it remained at 2.717 million shares to close against previous turnover of 907,100 shares, showing an upward move of 1.810 million shares. While, out of the total 88 active scrips, 27 moved up, 52 remained equal and 9 shed values.
Fauji Fertilizer Company, Adamjee Insurance Company and Engro Foods Limited were Major Gainer of the day by recording increase in their per share value by Rs 2.81, Rs 2.60 and Rs 1.63 respectively. Thal Limited, Cherat Cement Company Limited and Kot Addu
Power Company lost their per share value by Rs 1.26, Re 0.64 and Re 0.30 respectively. The Volume Leader of the day included Meple Leaf Cement Factory with 863,000 shares, Karachi Electric Supply Company with 538,500 shares and Lafarge Pakistan Cement with 250,000 shares.
ISE-10 stays bullish
Islamabad Stock Exchange (ISE-10) here on Wednesday witnessed bullish trend as the index was up by 8.75 points to close at 2941.20 as compared to the previous day’s trading.
Talking to APP, Stock Analyst M.M Hassan said that the buying in the cement and fertilizer sector led the bullish rally in the market.
Such positive sentiments were created in the market owing to corporate results’ announcement, he said, adding the investors has taken a positions in the low-priced shares of cement sector rendering increase in the volume of the market. Besides, fertilizer and oil sector remained favorite in the market because its expected earning to be announced in the near future, he added.
Total volume of shares traded was 78,500, which was up by 74,500 when compared it with previous day’s closing.
Out of 117 companies’ shares traded, the price of 84 was increased while the price of 33 decreased. The price top gainer Unilever Pakistan was increased by Rs 148.00 while the price of top loser Millat Tractor decreased by Rs.10.84. Lafrage Pakistan Cement, Lottee Pakistan PTA and Bank of Punjab remained volume leaders with volume of 50,000, 10,000 and 9,500 shares respectively.
