KARACHI: The local investors returned to the Karachi bourse on Wednesday to place market on 19-month high above 10,100-point mark.
“The US statement to consider Pakistan’s request for civil nuclear deal infused confidence among locals to return to bourses after a quite a long time,” said Sajjad Mankani, Associate Director at BMA Capital Management.
The KSE 100-share Index surged 182.92 points, or 1.84 per cent, to close at 10,146.27 points. Parallel running 30-Index soared 207.20 points, or 2.02 per cent, to end at 10,475.66 points.
Notable buying in blue-chips including the Oil & Gas Development Company, Pak Petroleum, MCB Bank, Habib Bank and United Bank provided great strength to the indices to move higher.
Telecom, fertilizer and cement stocks also attracted fresh investment though their share in total gains was not heavy.
“Investors from different walk of lives were seen acquiring stocks across the board,” dealers said.
News about likely inclusion of Pakistan into Emerging Markets of Morgan Stanley Capital International Barra (MSCI Barra) also played its role in projecting market to 19-month high, dealers said.
Ahsan Mehanti, CEO, Shahzad Chamdia Securities, said, “Intense buying continued ahead of Pak-US strategic dialogue. This revived investor interest at shares market on expectation of early resolution of energy crisis in the country and decisions on Pakistan’s access to US markets.”
Rising international oil prices near to $82 a barrel, strengthening rupee value and expectation of early resolution of circular debt issue played a catalyst role in positive activity despite fears on rising inflation in the country, he added.
Continued inflow of funds by foreign and local investors - both institutional and individuals - are expected to take market to new heights ahead of Pak-US strategic dialogue, they added. Increase in buying spree, consequently, improved the day turnover to 160.30 million shares. This is 118 per cent higher than three-month low turnover of 73.56 million shares recorded on Friday.
Turnover in future market also enhanced to 9.09 million shares from 5.74 million shares traded on the weekend. In line with this, the overall market capitalisation soared by Rs41 billion to stand at Rs2,876 billion. Plus signs dominated the broader market. Out of total 411 active stocks, 239 stocks advanced, 152 stocks declined, while 20 stocks closed unchanged.
Highest volumes were witnessed in Lotte Pakistan at 24.68 million closing at Rs11.04 with a gain of 76 paisa, followed by JS Company at 14.82 million closing at Rs23.19 with a gain of 85 paisa, Fauji Fertilizer Bin Qasim at 7.69 million closing at Rs31.88 with a gain of 34 paisa, Pakistan Telecommunication Company at 7.31 million closing at Rs21.28 with a gain of 40 paisa, and Azgard Nine at 5.74 million closing at Rs15.91 with a loss of six paisa.
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