RECORDER REPORT

KARACHI: Karachi stocks ended the month on a positive note Monday on the back of a strong rally in international crude oil prices.

Another major trigger for the risk-averse investors came from abroad where foreign investors ended their two-week selling spree and bought net portfolios worth $ 18.613 million.

Since August 17, foreign outflows at the Karachi bourse totalled $ 85.7 million.

The KSE-100 index rose by 279 points or 0.81 percent to 34,726.51 from 34,447.47 of last trading session. The benchmark index showed volatility and moved both ways to hit the intraday high and low of 34,811.82 and 34,316.17 points, respectively.

“Bullish activity was witnessed at KSE led by oil stocks after six-year biggest rally in global oil prices,” said Ahsan Mehanti of Arif Habib Corp.

The analyst said recovering global equities and speculations ahead of Consumer Price Index inflation data release for Aug’15, upbeat fertilizers consumption data release by NFDC for Apr-Jun’15 and strong results in the power, autos and banking sector played a catalytic role in the day’s bullish close.

Trading turnover surged to 353 million compared to 282.65 million of Friday last week. The traded value, however, contracted to Rs 14.69 billion from Rs 15 billion. Of the total 400 issues traded, 239 went up, 134 went down and that of 27 remained unchanged.

The market capitalisation accumulated to Rs 7.535 trillion.

K-Electric led the day’s volume by having 41.3 million of its listed shares changing hands. The power utility opened the day at Rs 7.75 and rose to Rs 8.06 at close.

Other best performers were Pace Pakistan 23 million, Pak Elektron 20 million, Dewan Cement 16.7 million, Fauji Fertilizer Bin Qasim 16 million, Power Cement 15.4 million, Dewan Salman 14.3 million, TRG Pakistan 10.5 million, Jahangir Siddiqui company 9.8 million and TPL Trakker 9.3 million shares.

The trade on the futures market decreased to 42.6 million contracts from 94.7 million.