KARACHI: Karachi Stock Exchange (KSE) 100 index closed at 32,736.44 as compared to 32,248.86 by gaining 487.58 points. The KSE-30 Index added 383.22 points and closed at 20,776.36 points against 20,393.14 points of last closing.
Faisal Bilwani of Elixir Securities Pakistan equities opened positive on guidance by Finance Minister of further monetary easing while Moody’s statement that recent Habib Bank (HBL) privatisation transaction that fetched over $1 billion was credit positive boosted confidence.
Oil stocks led from word go with Oil and Gas Development Company (plus 2.2 percent), Pakistan Oilfields (plus 2.9 percent) and Pakistan Petroleum (plus 3.9 percent) trading positive as global crude sees sharp recovery (benchmark Arabian Gulf Arab Light up near 19 percent month to date) while fertilizers also gained after supreme court declared gas cess as a fee and illegal however it was worth noting that this episode was far from over.
With momentum gaining strength, reports of foreigners buying in index names during mid day further pushed benchmark KSE-100 to end above 32,700 with select cement, only bluechips to close negative, Daily Times quoted Faisal Bilwani.
“We see market to remain buoyant as excitement over profits and visit by Chinese President on April 20 will keep mood upbeat”, said Bilwani.
Habib Metropolitan Financial Services’ analyst Kumail Chevelwalla said, “KSE-100 index traded in green today with significant turnover to close at 32,736 points”. As market step into result season, turnover of the index improved drastically with 382 million volumes traded. Investors rejoiced on news report Finance Minister Ishaq Dar expressed his commitment for privatisation of Pakistan International Airlines (PIA) and hints of another rate cut in upcoming Monetary Policy Statement (MPS) due in May. Underdog Karachi Electric was in limelight with stock price closing near Rs 8 per share with 56 million traded volumes. Oil and gas stocks skyrocketed as international crude oil (Brent) crossed $4.62 per barrel. Cement remained mixed as investors were cynical on D G Khan Cement’s expansion plan in South.
“We expect index to remain bullish and volumes to improve further”, said Chevelwalla.
The market volume increased to 372.725 million shares traded on Thursday as compared to 225.825 million shares traded in previous session. The overall market capitalisation rose to Rs 7.156 trillion as compared to Rs 7.081 trillion ofprevious session.
Trading value at local bourse swelled to Rs 16.585 billion against Rs 11.031 billion of previous session. Out of 370 scrips, 247 scrips advanced, 97 scrips declined while the value of 26 scrips remained unchanged.
The KMI-30 index jacked up by 942.55 points to close at 53,781.20 points as compared to 52,838.65 points of the previous session. The KSE all-share index went 243.65 points up to close at 23,058.40 points as compared to 22,814.75 points of the previous session.
Karachi Electric Limited was the volume leader in the market with 56.827 million shares as it closed at Rs 7.97 followed by Jah Sid Company with trading of 24.137 million shares and closed at Rs 22.10. Bank of Punjab traded 23.075 million shares and closed at Rs 8.69.