Futures Market Review: Futures turnover leaps 41%

KARACHI: Total turnover at the futures counters of the Karachi Stock Exchange (KSE) soared by 41.1 percent to 555 million contracts during this week, while average daily turnover remained 111 million contracts, says a report compiled by Capital One Equities, a local brokerage.

Out of 30 stocks traded at the futures counter, six stocks lost value, while 24 registered gains. Total traded value was Rs 52.489 billion, up 55.4 percent from Rs 33.781 billion of the previous week.

An analyst said owing to the higher investment in the future markets in the second record breaking week at the KSE, the volume of futures trading went up. The volume of COT was also high during the week, he added. The KSE touched highest ever level of 6,218 points during this past week after gaining 173 points, or 2.86 percent during the past week.

Faysal Bank remained on the top at the futures counter after gaining Rs 6.55 or 17.58 percent to close at Rs 43.80 this week from Rs 37.25 of the previous week. Fauji Fertilizer Bin Qasim remained at the second position and gained Rs 9.85 or 7.49 percent to close at Rs 141.35 this past week from Rs 131.50 of the previous week. Engro Chemical gained Rs 8.9. or 7.33 percent to close at Rs 130.30 this week from Rs 121.40 of the previous week.

Southern Electric was the biggest loser at the futures counters, and shed 26 paisas, or 2.06 percent, to close at Rs 12.35 from Rs 12.61 of the previous week, Sui Northern Gas Pipeline Company lost 80 paisas or 1.32 percent to close at Rs 59.60 from Rs 60.40 0of the previous week. Muslim Commercial Bank (MCB) lost 80 paisas or 1.32 percent to close at Rs 59.65 this week from Rs 60.45. According to Capital One Equities, PPL remained the volume leader trading 150.83 million contracts, up 56.7 percent, PTC traded 69.79 million contracts up 421 percent, OGDC traded 56.10 million contracts up 53.3 percent, FFBL traded 55.65 million contracts up 36.9 percent and Engro traded 43.31 million contracts up 752 percent. —Staff Report

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