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Intense buying activity at KSE as 100-share index rises 224 points

KARACHI: Intense buying activities at the Karachi stock market Monday helped it to remain in the bullish zone on support of return back of foreign inflows to capital markets in Pakistan.

Analysts said investors remained bullish on rising international oil prices and global commodity prices. The benchmark KSE-100 opened on a positive note and this trend remained prevalent throughout the trading session on the back of anticipation of positive development on the political front when two leaders of major political party of the country meet in Islamabad.

The KSE 100 index opened in the green zone with an initial gain of 36.04 points and at the end of the closing session closed at 9374.50 compared to the previous session’s 9150.85 gaining 223.65 points or 2.44 percent.

KSE 30 index closed at 9923.34 points with a gain of 253.72 points. KMI-30 index closed at 13466.05 with a gain of 230.75 points. All shares index closed at 6654.68 with a gain of 147.51 points.

The market turnover went up by 0.54 percent and traded 196.11 million shares as compared to previous session’s 195.04 million shares. The overall market capitalisation went up by 2.26 percent trading Rs 2.713 compared to previous session’s 2.653 trillion. Out of total 401 companies, 224 closed in the positive zone, 162 in negative while 15 remained unchanged.

Furqan Punjnani, analysts at Topline Sec said market continued Friday’s bullish momentum through out the session mainly on the back of positive achievement by Pakistan army in an ongoing operation in Waziristan (Rah-e-Nijat) and Credit Suisse report which choked foreign selling.

Ahsan Mehanti, senior analyst at Shahzad Chamdia Sec said expectation of positive meeting between PML–PPP leadership and approval of $700 million Military Aid to Pakistan by US congress, renewed foreign interest after Credit Swiss predicts index at 11,200 for next fiscal year taken positive by retail/institutional investors.

Trading activity was better as compared to the last trading session as the ready market volume stands at 196.119 million as compared to last trading session 195.048 million. Future market volume however stands at 3.878 million shares as compared to 1.584 million shares last trading session. Market capitalization stands over Rs 2.713 trillion.

Pak. PTA Ltd was the volume leader in the share market with 53.57 million shares as it closed at Rs 6.69 after opening at Rs 6.07 making a financial gain of paisas 62. staff report

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