KARACHI - Karachi stocks closed higher after State Bank of Pakistan actions against commercial banks to stabilise rupee dollar parity, equity analyst Ahsan Mehanti observed here on Tuesday.
At local equity market benchmark KSE-100 share index posted afresh gain of 147.74 points to end the day at 21980.42 points compared to 21832.68 points of the previous day. Ahsan said recovery was led by oil, cement and banking stocks across the board ahead of quarter end earning announcements due this week.
Raise in power tariff and local POL prices leading to easing concerns for circular debt played a catalyst role in bullish activity through a roller coaster ride for investors at KSE despite security unrest in the city. KSE-Allshare index up by 99.05 points or 0.63 percent to stop the day at 15935.91 points, KSE-30 share index added 95.85 points or 0.58 percent to finish the session at 16676.44 points while KMI-30 share index gained 614.63 points or 1.67 percent to conclude the session at 37439.88 points.
Reknown equity specialist Zafar Motti said selling pressure continue in equity market in earlier session but local investors brought the buying orders in last session which brought the market on positive note.
Market traded 197.252 million shares on Tuesday after opening at 208.250 million shares and the value of traded shares was climbed to Rs 7.828 billion from Rs 7.146 billion while the capitalisation of the market maintained at Rs 5.216 trillion compared to Rs 5.184 trillion of a day earlier.
Dealer at Topline Securities Samar Iqbal said after declining 1800 points in last 5 consecutive sessions, market recovered by 176 points to close above 22,000 points mark. Renewed buying interest in PSO helped the stock closed up as circular debt issue would cool down after Government increased electricity tariff.
While delay in increase in National Savings Schemes’ rate also helped investors to cherry picking, she added.
Trading took place in 344 companies where 199 closed in positive and 122 in negative while the value of 23 stocks remained intact. Upward trend was led by Wyeth Pak Limited up by Rs 189.40 to Rs 4510 followed by PSO-spot increased by Rs 12.79 to Rs 274.89. Rafhan MaizeXD and Siemens Pakistan were the biggest losers of the day decreased by Rs 80.46 to 4850 and Rs 13.02 to Rs 889.97.
Active list was again topped by Bank of Punjab with 18.865 million shares as it closed at Rs 11.49 after opening at Rs 11. PTCLA was on the second position with 14.359 million shares added Re 0.65 to Rs 26.81. It was followed by Dera Ghazi Khan Cement with 11.315 million shares up by Rs 2.35 to Rs 71.22, Dewan Motors with 10.331 million shares off by Re 0.49 to Rs 4.36 and National Bank with 9.548 million shares grew by Re 0.32 to Rs 49.61.
No comments:
Post a Comment