The bulls stamped their authority at the Karachi stock market on the first working day of the week with benchmark, KSE 100-share index gaining a mammoth132.48 points. The day saw the index closing up at 15, 171.66 points against 15, 039.38 points of Friday.
Stocks closed bullish with higher trades after Supreme Court granted Prime Minister till Sept 18 to resolve the NRO implementation issue. Investor interest witnessed in stocks across the board as global stocks and commodities surge on stimulus hopes. This was stated by Ahsan Mehanti, Director at Arif Habib Investments Limited.
On Monday, the trading volumes at the ready-counter were recorded lower at 269.258 million shares against 315.106 million shares of the previous day. The trading value increased to Rs 5.930 trillion compared to Rs 5.000 trillion of the previous session. The intraday high and low, respectively, stood at 15, 185.01 and 15, 039.18 points.
He added that the strong valuations and the Sindh High Court decision on restrain on Gas Infrastructure Development Cess above Rs13 for industries played the catalyst’s role in bullish sentiments in the earning announcement session at KSE.
The free-float KSE-30 index adds 137.14 points to close at 12, 997.19 points against the previous 12, 860.05 points.
The KMI 30-share was up by 334.42 points to close at 26, 792.53 points from its opening at 26, 458.11 points. The KSE all-share index closed with a gain of 98.33 points to 10, 695.32 points as against 10, 596.99 points.
Pakistan Telecom (P.T.C.L.A) was volume leader of the day with 33.484 million shares, followed by Lafarge Pakistan, Fauji Cement, D.G.K Cement, WorldCall Telecom and Telecard Limited with a turnover of Rs 20.302 million, Rs 17.821 million, Rs 17.441 million, Rs 15.200 million and Rs 14.408 million shares respectively.
The UniLever Pakistan and Bata Pakistan Limited, up Rs 365.00 and Rs 43.52, led highest price gainers while, Colgate Palmolive and Indus Dyeing, down Rs 51.67 and Rs 21.50 respectively, led the losers.
STAMPEDE IN LAHORE: Lahore Stock Exchange on Monday witnessed bullish trend by gaining 33.23 points as the LSE-25 Index opened with 3,949.56 and closed at 3,982.79 points.
The market’s overall situation, however, did not correspond to an upward trend as it remained at 6.564 million shares to close against previous turnover of 7.853 million shares, showing a downward slide of 1.289 million shares. While, out of the total 91 active scrips, 46 moved up, 34 remained equal and 11 shed values.
PARADE IN THE CAPITAL: Islamabad Stock Exchange (ISE-10) on Monday witnessed bullish trend as the index was up by 30.24 points to close 3075.38 as compared to the previous day’s trading. Talking to APP, stock analyst Jeewan said that the fertilizer and oil sector led the bullish rally in the local stock market due to the announcement of Petroleum Policy 2012.
The elimination of role of Economic Coordination Committee (ECC) between exploration companies and fertilizer companies is a positive sign for the fertilizer sector, he said.
Moreover, the better gas price and reduction in the levy will attract the foreign investment to explore the maximum gas and oil fields across the country, he added.
It will ensure ending the existing energy crisis by improving overall economy activities in the country which is positive for the capital market, he added.
