RECORDER REPORT

KARACHI: Karachi Stock Exchange on Monday maintained a positive trend and set a fresh high amid rising deals after the State Bank of Pakistan (SBP) hinted at the possibility of an improvement in country’s economic fundamentals.

The benchmark KSE-100 index bagged another 188.34 points to close at all-time high of 30,413.23 points as compared to 30,225 points Friday.

During the intra-day trading, the index reached 30,492 points highest and 30,224.89 points’ lowest level. Following a bullish trend, volume at the ready counter increased to 193.700 million shares compared to 137.300 million shares Friday. Market capitalisation also climbed by Rs 43 billion to Rs 7.126 trillion against Rs 7.083 trillion a day earlier.

Trading took place in 344 companies, of which 160 closed in green zone, 156 in red while 28 landed in blue zone. Ahsan Mehanti, an analyst at Arif Habib Corporation, said stocks closed all-time high amid higher trades after the State bank hinted at improving the economic fundamentals.

Monday’s rally was led by select scrips across-the-board. Renewed foreign interest in oil stocks and speculations ahead of major earning announcements due this week, played a catalytic role in the bullish sentiment at KSE, he maintained.

PPL gas discovery and venture plans for power production, rising cement exports and higher international oil prices positively impacted the sentiment, Ahsan said. All top 10 volume leaders, except 2, recorded a positive trend. Lafarge Pak emerged the volume leader with 31.22 million shares, up Re 0.52 to close at Rs 16.96. Fauji Cement stood second, up Re 0.03 to close at Rs 21.07 on 19.93 million shares. Askari Bank gained Re 1 to close at Rs 20.31 on 14.77 million shares.

Maple Leaf Cement posted a positive trend, up Re 0.98 to close at Rs 32.93 on 12.95 million shares. Lotte Chemical with 7.53 million shares, closed at Rs 7.43, up Re 0.23. D.G.K. Cement declined by Re 0.92 to close at Rs 91.03 on 6.93 million shares. Sui South Gas fell by Rs 0.51 closed at Rs 34.16 on 6.06 million shares

Pak Petroleum moved up by Rs 4.86 to close at Rs 233.34 on 5.71 million shares. With a trading volume of 4.33 million shares Engro Corp closed at Rs 185.70, up Rs 4.70. Pak Electron Ltd climbed by Re 0.02 to close at Rs 29.60 on 4.15 million shares. Universal Foods and Island Textile were the top gainers with Rs 105.00 and Rs 44.24 to close at Rs 8,300.00 and Rs 942.99, respectively. Wyeth Pak Ltd and Nestle Pak were the top losers with Rs 130.54 and Rs 116.00 to close at Rs 3,933.46 and Rs 7,884.00, respectively.

Aleeza Afreen, an analyst at Aba Ali Habib Securities, said the local bourse witnessed an increase of 188.34 points giving positive sentiments to the market.

Thanks to PPL and OGDC foreign investment is one of the main reasons behind the upsurge in the market. On the other hand, semi-annual financials are coming up, which is creating excitement, she added. Sector-wise, construction topped the volumes followed by commercial bank, chemical and oil and gas sectors with an increase in the volumes by 38 percent, 18 percent, 12 percent and 9 percent, respectively, Afreen said.