The Karachi Stock Exchange (KSE) 100-share index gained 41.21 points or 0.36 percent to close at 11,352.59 points as compared to 11,311.38 points of the previous session.
KARACHI: The Karachi stock market continued observed a firm trading session Wednesday led by buying in oil, banks and energy stocks on strong valuations.
The Karachi Stock Exchange (KSE) 100-share index gained 41.21 points or 0.36 percent to close at 11,352.59 points as compared to 11,311.38 points of the previous session. The KSE 30-share index was up by 12.60 points to close at 10,288.20 points as compared with 10,275.60 points.
Analysts said amid thin trading due to absence of foreign investors, the market remained bullish ahead of the year-end close.
The market turnover increased 135.15 percent to 46.02 million shares after opening at 19.57 million shares. The overall market capitalisation went up by 0.37 percent and traded Rs 2.945 trillion as against Rs 2.934 trillion. Losers outnumbered gainers 106 to 104, while 104 stocks were unchanged.
“Stocks closed in the positive zone at KSE led by oil, banks and energy stocks on strong valuations,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Investors remained bullish ahead of the year-end close. Trade remained thin on absence of foreign investors on account of Christmas holidays.”
Easing political concerns and expectations of early resolution of capital gains tax issue at KSE played a catalyst role in the positive close despite concerns over energy shortage in the country affecting industrial growth.
The KMI 30-share was up by 1.43 points to close at 20,390.44 points from its opening at 20,389.01 points. The KSE all-share index closed with a gain of 29.37 points to 7,856.03 points as against 7,826.66 points.
“Attractive valuations and high dividend yields drew investors to take fresh positions in Hubco that dominated the volumes as it contributed 30 percent to overall bourse volume,” said Topline Sec analyst Samar Iqbal. “In addition fertilizer stocks saw profit-taking after news of imposing gas tax from the beginning of the New Year.”
Hubco was the volume leader in the share market with 13.81 million shares as it closed at Rs 34.50 after opening at Rs 34.11, shedding 39 paisas. Fatima Fert Co traded 5.19 million shares as it closed at Rs 22.54 from its opening at Rs 22.96, losing 42 paisas. Bank of Khyber traded 3.35 million shares as it closed at Rs 5.40 as compared with its opening at Rs 4.40, gaining Re 1. Bank of Punjab traded 2.04 million shares as it closed at Rs 5.20 as against its opening at Rs 4.93, increasing 27 paisas. staff report
The Karachi Stock Exchange (KSE) 100-share index gained 41.21 points or 0.36 percent to close at 11,352.59 points as compared to 11,311.38 points of the previous session. The KSE 30-share index was up by 12.60 points to close at 10,288.20 points as compared with 10,275.60 points.
Analysts said amid thin trading due to absence of foreign investors, the market remained bullish ahead of the year-end close.
The market turnover increased 135.15 percent to 46.02 million shares after opening at 19.57 million shares. The overall market capitalisation went up by 0.37 percent and traded Rs 2.945 trillion as against Rs 2.934 trillion. Losers outnumbered gainers 106 to 104, while 104 stocks were unchanged.
“Stocks closed in the positive zone at KSE led by oil, banks and energy stocks on strong valuations,” said Arif Habib Investments Ltd Director Ahsan Mehanti. “Investors remained bullish ahead of the year-end close. Trade remained thin on absence of foreign investors on account of Christmas holidays.”
Easing political concerns and expectations of early resolution of capital gains tax issue at KSE played a catalyst role in the positive close despite concerns over energy shortage in the country affecting industrial growth.
The KMI 30-share was up by 1.43 points to close at 20,390.44 points from its opening at 20,389.01 points. The KSE all-share index closed with a gain of 29.37 points to 7,856.03 points as against 7,826.66 points.
“Attractive valuations and high dividend yields drew investors to take fresh positions in Hubco that dominated the volumes as it contributed 30 percent to overall bourse volume,” said Topline Sec analyst Samar Iqbal. “In addition fertilizer stocks saw profit-taking after news of imposing gas tax from the beginning of the New Year.”
Hubco was the volume leader in the share market with 13.81 million shares as it closed at Rs 34.50 after opening at Rs 34.11, shedding 39 paisas. Fatima Fert Co traded 5.19 million shares as it closed at Rs 22.54 from its opening at Rs 22.96, losing 42 paisas. Bank of Khyber traded 3.35 million shares as it closed at Rs 5.40 as compared with its opening at Rs 4.40, gaining Re 1. Bank of Punjab traded 2.04 million shares as it closed at Rs 5.20 as against its opening at Rs 4.93, increasing 27 paisas. staff report
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