RECORDER REPORT
KARACHI: Tuesday, the last day of the fiscal year 2014-15, saw the Karachi share market closing positive at 34,398.86 points on the back of renewed institutional interest in oil, cement and fertilizer scrips.
The KSE-100 index rallied to add 305 points or 0.90 percent to Monday’s 34,093.55 with intraday high of 34,453.01.
The trading turnover rose to 347 million shares from 294 million of the previous day. The value of 352 stocks traded accumulated to Rs 12.57 billion compared to Rs 8 billion of last trading session. Of the total 205 scrips settled in the green while 116 declined. The rates of 31 scrips remained unchanged.
The market capitalisation closed upward at Rs 7.42 trillion. The offshore investment witnessed a net outflow of $ 6.625 million.
K-Electric led the day’s volumes with a trading turnover of 30.43 million shares each registering a 12-paisa gain to close at Rs 8.42.
Byco Petroleum followed the power utility with 30.2 million shares, Pace Pakistan 28 million, Dewan Cement 26 million, Jahangir Siddiqui Company 15.7 million, Fauji Cement 15 million, TPL Trakker 13 million, TRG Pakistan 12.7 million, Bank of Punjab 10.8 million and PTCL 10 million shares.
Trade on the futures market stood at 26.8 million contracts against 23 million of the last session.
Ahsan Mehanti at Arif Habib Corp said the bull-run came on the last trading day of the fiscal year on the back of renewed institutional interest in oil, cement and fertilizer scrips on strong valuations.
The IMF release of $506 million tranche and falling borrowing rates impacted the investor sentiment inviting interest in second and third-tier scrips. Slump in global stocks and commodities amid Greek debt crisis was ignored, said the analyst.
“The KSE-100 index continued its bullish momentum,” JS analyst Arhum Ghous viewed.
Anticipation of upcoming higher CPI numbers put the banking sector in limelight with HBL and MCB Bank gaining 2.7 percent and 2 percent. The index heavyweight oil sector stayed under pressure on account of overnight decline in the global crude oil prices.
The market, moving forward, is expected to see the banking sector rallying after the CPI numbers come to fore.
