The Karachi stocks market hit an all-time high on Friday on the back of what analysts said positive outlook for the country’s economy.
The KSE 100 share index gained 251.26 points or 0.77 percent to close at a record 32,731.61 points against Thursday’s 32480.35 points.
The market saw the benchmark index hitting the intra-day high of 32,776.46 points before downing to the intra-day low of 32,465.35 points. The trading turnover at the ready-counter was recorded to swell to 322.9 million shares from 230.1 million the market witnessed during the previous trading session.
The stocks traded on the day valued Rs 17.7 billion, rising from Rs 12.4 billion of Thursday. Of the total 383 scrips traded 236 landed in the green zone and 131 in the red while 16 remained unchanged.
The market capital remained intact at Rs 7.4 trillion.
Fauji Cement appeared as a volume leader with its stakes’ price opening at Rs 26.95 and closing at Rs 27.80. The cement company counted its traded stocks at 26.8 million.
Others best performing scrips were K-Electric with a turnover of 25.2 million shares, Engro Corporation 17.9 million, PTCL 12.8 million, Maple Leaf Cement 12.3 million, DG Khan Cement 11.5 million, Jahangir Siddiqui Company 10.6 million, Engroo Foods 9.9 million, Lafarage Pakistan 9.3 million and Pakistan International Bulk 9.1 million shares.
On the futures market the trading turnover surged to 39 million shares from Thursday’s 27 million.
Senior equity analysts believe that the rally was attributed to a positive economic outlook. “Stocks closed yet again at an all time high led by scrips across the board on positive economic outlook,” said Mehanti, who is a director at Arif Habib Corporation.
Speculations on impact of stronger rupee in auto and pharma sector, falling CPI inflation on expected cut in SBP policy rates, falling international oil prices on power sector and lower coal prices on cement sector and rising textile sector exports data, the analyst said, played a catalyst role in bullish activity.
2014 was a remarkable year for the country’s stocks market.
According to Khurram Schehzad, a stocks analyst, the KSE100 returned 27% in 2014, 33.5% in US dollars terms after 49% in 2012 and 2013 each, 38% in USD each.
The KSE’s market capital stood at USD73bn, a gain of 6,870pts.
The Average volume stood at 209 million, down 6% YoY. While average traded value was at $115 million, up 23% YoY.
KSE stood in Top-3 in the world ranking after China and Venezuela.
Foreign flows to equities were USD386mn (over 725mn including UBL, PPL and ABL stake sale.