KARACHI: Positive developments in the national politics and Moody’s stable outlook for the country kept buying interest alive on the Karachi bourse, which closed above 10,200-point on Thursday after a gap of 19-months.
“Historic breakthrough on 18th Amendment filled new spirit among equity investors,” said Atif Malik, Head of International Sales & Marekting at JS Global.
The KSE 100-share Index gained 68.34-point, or 0.67 percent, to close at 10,246.77-point.
KSE 30-share Index surged 74.31-point, or 0.71 percent, to end at 10,499.66-point.
Moreover, fresh foreign buying worth $13 million on the local bourses yesterday (Wednesday) and Moody’s stable outlook for the country despite some political wrangling also fueled the buying spree, he added.
The fertilizer and cement stocks were in focus followed by energy and banking stocks, dealers said.
The National Bank of Pakistan (NBP) remained the star performer of the day, which rose by 2.90 percent to Rs69.80 with a turnover of 7.56 million shares.
Ahsan Mehanti, CEO at Shahzad Chamdia Securities, said that the trading of crude oil between $83-84 a barrel in the world markets after quite a long period played leading role in placing energy stocks to higher values.
Farhan Seth, analyst at Topline Securities, said that the enhanced activities in Asian stock markets continued to encourage investors here to build fresh positions.
Hasnain Asghar Ali, analyst at Aziz Fidahusein, said that the continued inflationary pressure in the local economy, implementation of Capital Gain Tax (CGT) on shares transaction from July 01, 2010, non-availability of financing (leverage) product at bourses, and news inflow from the judiciary and political fronts restricted robust trading activities on the other hand.
The day’s turnover slipped to 170.34 million shares from 199.30 million shares traded a day earlier ñ showing a decline of 14.5 percent on day-to-day basis.
Turnover in future market slashed to 4.47 million shares from 14.88 million shares traded yesterday.
On the contrary, the overall market capitalization surged by Rs17 billion to stand at Rs2,907 billion.
Plus signs continued to dominate the broader market. Out of total 433 active stocks, 256 stocks advanced, 157 stocks declined, while 20 stocks closed unchanged.
TRG Pakistan was the volume leader with a turnover of 28.93 million shares. The stocks ended at Rs3.83 with a gain of 40 paisa, followed by JS Company at 10.41 million shares and closed at Rs21.85 with a gain of 18 paisa.
SilkBank lost eight paisa to Rs3.07 with 8.60 million shares turnover, Azgard Nine gained 12 paisa to Rs14.06 with 7.72 million shares turnover, and National Bank gained Rs1.58 to Rs69.41 with 7.56 million shares turnover.
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