Daily Times

KARACHI: Pakistan’s Karachi index ended the day higher by 1.36% to get close to the 34,000 mark, tracking the buoyant sentiment across the region as investors’ fresh interest in oil scrips helped the floor retrieve bullish momentum.

The Karachi Stock Exchange (KSE)-100 index gained 423.87 points to close at 33,961.29 points as compared to 33,537.42 of the previous session. The KSE-30 Index added 275.73 points and closed at 20,592.39 points against 20,316.66 points of the last closing.

Elixir Securities’ analyst Faisal Bilwani said that Pakistan equities shared the joy in regional markets to close a stone’s throw away from 34,000, as the index’s heavy oil names continued to find fresh interest. The wider market opened positive, tracking regional markets and gains were gradually added as the day progressed on local institutional flows in index names while small and mid caps reportedly witnessed increased participation from retail and prop books.

He said that midday comments by the finance minister on currency and equities and remarks of confidence on economy and capital markets helped sustain gains. Oils led the upside, while cements, fertilisers and pharmas followed suit with turnover on benchmark KSE-100 lower by 15% of this month’s average, he added.

“We see the stocks to trade in a 300-500 points range in days ahead, as excitement over macros given another sub 2% expected monthly inflation, would be countered by domestic politics,” said Bilwani.

Habib Metro Financial Services’ analyst Saba Mahmood said in line with the trend of recent days, the local bourse continued tracking performance of the regional markets while volumes were relatively low as uncertainty over the Chinese situation forced the investors to stay on the sidelines.

The market volume declined to 223.249 million shares traded as compared to 278.693 million shares traded in previous session. Trading value at the local bourse fell to Rs 10.858 billion against Rs 12.432 billion of previous session. Out of 378 scrips, 258 scrips advanced, 102 scrips declined while the value of 18 scrips remained unchanged.

The KMI-30 index jacked up by 833.91 points to close at 56,752.96 points as compared to 55,919.05 points of the previous session. The KSE all-share index went 297.89 points down to close at 23,746.27 points as compared to 23,448.38 points of the previous session.

Pace (pak) Limited was the volume leader in the market with 15.839 million shares as it closed at Rs 7.23 followed by Jah.Sid.Co with trading of 13.715 million shares and closed at Rs 24.71. K-Electric Limited traded 13.119 million shares and closed at Rs 7.71.