A 517.44 points gain was recorded today in the Karachi Stock Exchange – KSE-100 index where the market opened at 32,506.36 points and closed at 33,023.80. A 334.66 points increase has also been seen in KSE-30 Index where the market closed at 21,234.66 as compared to the last closing of 20,900.
Faisal Bilwani; an analyst from Elixir Securities’ said earlier that Pakistani stocks has seen a huge increase and have regained its position above 33,000 because the buyer’s have took advantage of the yesterday’s panic selling. He also said, the clarification of rumors related to broker investigations have attracted fresh liquidity that is the main cause of market recovery.
The politics was unable to influence the proceeding of the stock exchange and the agreement of IMF loan installment made a positive impact on the stock exchange. Most shares were traded in the small and mid cap companies as many people were hoping to get profits in a small amount of time, said Bilwani
“We see volatile market ahead of weekend monetary policy while rumors related to Securities and Exchange Commission of Pakistan (SECP) investigations and developments on political front and budget will be closely tracked by investors in absence of any immediate trigger”, added by Bilwani.
Saba Mahmood; Financial Services officer from Habib Metropolitan said, “In aftermath of battering of index previous day, trading started on a cautious footing with confidence of the investors slowly building up to close up by 517 points. However, volumes continued to be lethargic, with total turnover of 177 million and cement leading the rally”. Pak Elektron, a consumer stock in KSE-100 index closed at its peak and made a huge profit.
“With MSCI review, sense of excitement was prevalent in market participants with some even predicting upgrade to emerging market from frontier. We expect market to remain tumultuous pre-budget with controversial news flows to test nerves of investors with auto numbers and MSCI review to decide flow today”, said Ms Sana Mahmood.
The overall shares traded in the current session were 176.99 million which are quite low as compared to shares traded in the previous session that were 235.315. The market capitalization has seen a huge bump as the day closed with the market capital of Rs 7.211 trillion in contrast with Rs. 7.110 trillion of the previous session.
In the local stock exchange, the trading value decreased by Rs. 1.95 billion as the day closed with Rs 10.392 in contrast with Rs. 12.342 of the last session. A large number of 339 scrips were utilized in the day and only 231 managed to advance and 85 scrips were declined.
KMI-30 index also saw a 957.75 points increase as the market closed as 53,934.20 points. In the previous session, the KMI-30 closed at 52,976.45. The KSE all-share index saw an increase of 324.31 points to close at 23,269.92 points.
The volume leader in the market with 20.495 million shares was Pak electron and it closed at Rs 60.68; Byco Petroleum was not far behind with the trading of 16.634 million shares and Byco petroleum closed at Rs 12.92. Another major player of the stock exchange; the Fauji cement traded 14.060 million shares and had the closing price of Rs 31.78.