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Hopes of early introduction of leverage products push KSE 55.17 points up

KARACHI: The Karachi stock market closed in the green zone on the last trading day of the week Friday on expectations of early introduction of leverage products and impact of stronger valuations in the telecom sector.

The Karachi Stock Exchange (KSE) 100-share index gained 55.17 points or 0.60 percent to close at 9,306.36 points as compared to the previous session’s 9,251.19 points. The KSE 30-share index closed at 9,825.90 points with a rise of 51.03 points. The KMI 30 index closed at 13,577.59 points with a surge of 72.21 points. Analysts said the market started the day’s proceedings on a positive note and this trend prevailed throughout the session on support of speculation of Warid-Telenor deal again.

The market turnover went up by 29.68 percent and traded 140.32 million shares as compared to the previous session’s 108.20 million shares. The overall market capitalisation went up by 0.56 percent and traded Rs 2.686 trillion as against the previous session’s Rs 2.671 trillion. Out of total 372 companies, 193 closed in the positive zone, 161 in negative and 18 remained unchanged. “Equity market remained range-bound and closed in the positive zone while volumes remained dull due to the weekend effect,” said analyst at Topline Sec Furqan Punjani. “Attractive foreign inflows in the week pursued investors to remain on the buying side.” Furthermore, news regarding earlier than expected commencement of additional oil and gas from Nashpa pushed E&P stock prices higher.

“Positive activity witnessed on continued foreign interest in oil and gas exploration sector,” said senior analyst at Shahzad Chamdia Sec Ahsan Mehanti. “Expectations of reduction in discount rate in the next monetary policy announcement on November 24 also helped to stabilise the market.”

The KSE 100-share index opened in the green zone with a gain of 33.56 points and at the end of the day closed at 9,306.36 points with a surge of 55.17 points. “Clarification regarding depleting gas output from OGDC’s Qadirpur gas field did infuse confidence amongst the local participants, while nervousness regarding decline in revenues and payout ratios, that have been quite prominent in couple of quarterly announcements, persisted,” said analyst at Aziz Fida Husein and Co Husnein Asghar Ali.

Bank Alfalah was the volume leader in share market with 33.46 million shares as it closed at Rs 14.27 after opening at Rs 13.31, gaining 96 paisas. PTCL traded 10.47 million shares as it closed at Rs 18.22 from its opening at Rs 18.02, rising 20 paisas. Pak PTA Ltd traded 6.78 million shares as it closed at Rs 7.62 as against its opening at Rs 7.67, shedding five paisas. staff report

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