Karachi Stock Exchange (KSE) 100 today gained 138.62 points and came to close at 34151.11 points. The previous session of the KSE 100 index closed at 34012.49. On the contrary, the KSE-30 index added just 0.38 points and closed at 21563.03 points as compared to 21562.52 of last session.
Faisal bilwani; the analyst at Exilir securities said the yearly budget has impacted the stock exchange as the Pakistan equities opened gap and down and lost a fair percentage in the after the weekend. There was an increase in the CGT and this caused panic among investors and a one-time tax will be imposed to all those companies who are earning more than 500 million. Banks mostly traded in lower price limits however a rising trend was seen in the blue chip stocks which covered the losses. As expected, the cement shares were traded in the day due to the announcement of mega projects and pro-growth strategy used by the government. He also said that due to the foreigners activity, the volume fo shares were sharply increased.
“We see gains to consolidate and eye benchmark to breach previous record high near 34,800 in days ahead while foreign flows will remain key driver in setting the tone and trend in absence of any major trigger”, said Bilwani.
Saba Mahmood; the Habib Metropolitan Financial Services’ analyst said, “Budget proved to be an ignition point for the index with the market swinging by more than 1000 point intraday closing 138 points above. First few hours of the trading activity saw index losing more than 800 points with major stocks at their lower limits as banks faced the ire of investors post bombardment of negative budgetary measures. However, dooms day sentiment proved to be short lived with the market soon recovering and marching into greener pastures”.
Investors showed a lot of interest in the cement industry as it traded 94 million shares and the total tally of shared traded are 449 million. The post budget scene of the stock market is a bit confusing as we were expecting the market to be a little slow after the new budget, said Ms Mahmood.
The market volume in KSE increase to 449.97 million shares against the 333.656 million shares of the previous session. You will also see an increase in the market capitalization as it was increased to Rs. 7.359 in contrast to Rs 7.326 trillion. A huge increase in the trading volume was also observesd as it reached Rs. 21.909 billion against Rs. 11.987 billion of the last session. 387 scrips were used in the local market and only 228 managed to advance, while 139 were declined. The value of more than 20 scrips was unchanged.
The KMI-30 index gained a massive 1373.56 points and came to close at 57392.22 points. In the previous session, the KMI-30 came to close at 56018.66 points. The KSE-all share also went up by 109.27 points and closed at 23858.02 points in contrast to 23748 points of last session.
Fauji Cement became the volume leader the local bourse with the 28.987 million shares and closed at Rs. 36.21. Fauji Cement was followed by K-electric traded Rs 25.885 million shares and closed at Rs 8.02. Dewan cement was third in the local market and traded 24.813 and closed at Rs 9.45.