RECORDER REPORT
KARACHI: The Karachi share market kicked off the new financial year Wednesday by climbing to an all-time high level of 34,843.61 points under the lead of second- and third-tier scrips.
The KSE-100 index added 445 points to Tuesday’s 34,398.86. Compared to the previous 347 million, the trading turnover remained healthy at 376 million shares valuing higher at Rs 12.89 billion. Of the total 361 issues traded, 345 posted gains, 99 losses and that of 17 remained unchanged.
The market capitalisation accumulated to Rs 7.501 trillion against Rs 7.421 trillion of the last trading session. The offshore investment witnessed a positive trend with $ 1.822 million net buying.
Pace Pakistan led the day’s volume with 27 million turnover. Other best performers included NIB Bank with 21.6 million, Dewan Cement 20 million, SSGC 20 million, Silkbank Limited 19 million, K-Electric 17.5 million, Dolmen City REIT 13 million, Fauji Cement 11 million, Byco Petroleum 10.9 million and Japan Power 10 million shares. The futures trade rose to 33 million contracts from 26 million of Tuesday.
“Bullish sentiment remained at KSE amid record close led by second and third tier stocks on strong valuations,” said Ahsan Mehanti of Arif Habib Corp.
Speculations ahead of year-end results led the institutional interest in select oil, banking and fertilizer stocks, the analyst said.
He cited the FBR’s withdrawal of regulatory duties on POL products, recovery in global stocks and commodities on hopes for Greek deal and higher banking spreads as catalyst of the day.
Topline analysts said the market rallied after lower than expected Consumer Price Index of 3.2 percent for the month of June to close at its all-time high level.
The index heavyweight MCB Bank, Engro Corp, Hub Power and Oil and Gas Development contributed 210 points to the index gain, they said. HUBC rallied by 2.6 percent after the Supreme Court dismissed petition filed by Federal Board of Revenue and maintained its decision in favour of the company.
The SSGC and SNGP gained 4.8 percent and 4.9 percent, respectively, amid rumours of change in Unaccounted for Gas formula.
