RECORDER REPORT
KARACHI: The Karachi equities peaked to fresh record high of 35,186.56 points Thursday on the back of what market observers said strong institutional interest in certain blue chips.
The KSE-100 index gained 343 points from Wednesday’s 34,843.61 with trading turnover closing higher at 406 million shares against previous 376 million.
The traded value climbed to Rs 16 billion from Rs 13 billion of last trading session. Of the total 367 issues traded, 246 rose, 107 fell while 14 stayed unchanged.
The market capitalisation also rose to Rs 7.567 trillion with foreign investors making a net buying of $ 2.40 million.
The day’s volumes were led by NIB Bank with 29 million shares each valuing Rs 2.25 at close.
Other best performing stocks were Byco Petroleum 24 million, Pace Pakistan 22 million, Telecard Limited 21 million, K-Electric 17 million, Dewan Cement 16 million, Lafarge Pakistan 14 million, Silkbank 13.4 million, Fauji Cement 13 million and Japan Power 12 million shares.
The trade on the futures market slid to 32 million contracts from 33 million of last session.
“Stocks closed all-time high on strong institutional interest in blue chip scrips after CPI data for Jun’15 clocked at 3.16pc YoY, lower than market expectations,” Arif Habib analyst Ashen Mehanti said.
Upbeat cement dispatch data for Jun’15, speculations ahead of year-end results, recovery in global stocks and $18.5bn record FX reserves data amid release of IMF tranche played a catalytic role in the bullish activity at KSE, he added.
Samar Iqbal of Topline Securities said another new high was seen at the local bourse with improving volumes.
“Investors seem optimistic on the June quarter results of leading companies,” she added.
Positive momentum continued at the bourse where the cement sector led the rally with PIOC and LPCL closing at their upper circuits.
“We believe the market would continue its bull-run in the coming sessions where cement and fertilizer sectors still have the capacity to perform,” Fahad M Ali of JS Research said.
