RECORDER REPORT
KARACHI: Under pressure by a “No” vote in the Greece referendum on austerity conditions from Athens’s creditors, the Karachi share market managed to close in the green Monday. The week’s first trading session saw some volatility with benchmark KSE-100 index finally adding 46 points to reach another all-time high of 35,502.28.
The stocks traded were counted higher at 363 million shares compared to 356 million of Friday’s session last week. The traded value accumulated to Rs 18.74 billion from Rs 16.30 billion a day earlier. Of the 375 scrips traded, 195 posted gains, 161 registered losses while 19 remained unchanged.
The market capitalisation surged to Rs 7.616 trillion with foreign portfolio investment witnessing a net buying of $ 4.43 million.
Backed by 20-80 percent raise in power tariff by Nepra, K-Electric led the day’s volumes with 36.5 million turnover. The power utility, however, closed the day slightly lower at Rs 8.48.
Other best performers were TRG Pakistan 22.6 million, Pakistan International Bulk Terminal 18 million, Jahangir Siddiqui Company 16 million, Pak Elektron 15.6 million, Fauji Cement 15.3 million, Pace Pakistan 12 million, Dewan Cement 11.7 million, PIA 11 million and Maple Leaf Cement 10 million shares.
The futures trade rose to 39 million contracts against 33 million of the last session.
Mohammad Rizwan of Topline Securities said despite pressure on the global front due to Greece referendum, the country’s equity market closed in a positive zone.
“The KSE-100 index closed at all-time high,” he said adding that weak international market and global oil prices hit OGDC, PPL and POL which closed in the range of 1.85-2.88 percent.
Umair Hasan of JS Global said the KSE remained rangebound through most part of the day’s trade, ending up marginally by 46 points. On the back of strong monthly dispatch numbers, the cement stocks rallied with FCCL, KOHC, LUCK, LPCL and PIOC appreciating 1.9, 5, 3.5, 3.3 and 1.2 percent, respectively. BYCO continued its positive rally ending once again at its upper-circuit.
“Sideboard scrips also remained in the limelight,” he said. TRG, PIAA, and TPL ended with strong volumes and higher by 3.2, 6.8 and 5.9 percent. The banking scrips continued to remain under pressure on expectations of falling NIMs due to all-time low discount rate, said Rizwan. Moving forward, the market is expected to remain positive.
