The Karachi stocks market remained bullish Friday on the back of politico-economic positives, prominently the approval of IMF’s $6.64 billion three-year Extended Fund Facility for the dollar-hungry Pakistan.
Last trading session of the week witnessed the benchmark KSE 100-share index gaining 314.4 points, 1.4 percentage, to close at 22,765.87 points. The index had finished at 22,457.46 points on the previous day. The free-float KSE-30 index too set in the green zone and gained 219.3 points at 17,704.89 points against Thursday’s 17,485.53. “(The) stocks closed bullish amid higher trades led by stocks across the board on easing political concerns, higher global commodities and IMF approval for loan disbursement for economic reforms,” said Ahsen Mehanti of Arif Habib Corporation.
The trading volume at the ready-counter was recorded higher at 254 million shares compared to 218 million traded a day earlier. The scrips traded also appreciated in terms of value that climbed to Rs10.3 billion from the previous Rs8.4 billion. Of the total 359 scrips traded on the day 248 gained value, 89 lost and 22 remained unchanged.
The market capitalisation also rose to Rs5.58 trillion as against Rs5.53 trillion of the previous trading session. Bank of Punjab appeared as a volume leader of the day by counting 28.6 million of its listed shares traded. The scrip gained value by 43 paisas by closing at Rs12.96. Other well performing equities included Fauji Cement, Engro Corporation, PTCL, NIB Bank, NBP, DG Khan Cement, Dewan Motors, Engro Foods and KESC.
Also on the future marker the trading turnover swelled to 34.4 million shares from 28.66 million of Thursday. “Easing fears for major change in SBP policy rate on Sept 13 after IMF loan approval played a catalyst role in bullish activity despite dismal dispatch data for cement sector during Aug’13,” viewed Mehanti, a senior stock analyst. The market observer said institutional interest remained in oil stocks after WTI crude crossed $109 on strong US economic data and renewed foreign interest in selected blue chip stocks.
