Devil Soul
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Share prices go through the roof
May 29, 2013 Our Staff Reporter 0
KARACHI - Stocks closed all time high in the pre-budget rally at KSE amid hopes for relief to stock market and corporate sector.
The stock market benchmark KSE-100 share index gained 542,86 points or 2.59 percent to conclude the days trading at 21501.72 points compared to 20958.86 points of the previous day.
KSE-Allshare index up by 340.82 points or 2.30 percent to close the day at 15147.25 points, KSE-30 share index increased by 501.03 points or 3.09 percent to conclude the session at 16729.40 points while KMI-30 share index enlarged by 981.22 points or 2.72 percent to stop the day at 37084.33 points.
Stock analyst Ahsan Mehanti said institutional interest witnessed in stocks across the board amid higher trades in oversold market.
Renewed foreign interest in blue chip stocks, rise in urea offtake data, rising local cement and urea prices and speculations ahead of $15b Saudi bailout package to ease circular debt issues in Pakistan energy sector likely to avoid IMF package played a catalyst role in bullish sentiments at KSE despite concerns for power outrage in the country impacting industrial sector.
The turnover of stock market in terms of shares was 305.007 million shares after opening at 234.847 million shares and the value of traded shares was jumped to Rs 10.893 billion from Rs 6.707 billion while the capitalisation Karachi bourse settled at Rs 5.221 trillion compared to Rs 5.104 trillion of a day earlier. Equity dealer Samar Iqbal said Pakistan index saw new high when it crossed 21,500 points mark for the first time led by foreign buying.
Investors expecting early resolution to energy crisis that will ease build up circular debt thereby improving liquidity position of energy companies. That is why heavy weights PSO, OGDC, and PPL witnessed aggressive buying causing index to increase by more than 500 points. Foreigners favorite MCB also rallied and closed at upper limit of 5pc.
Shares of 387 companies were traded on Tuesday where 257 closed in positive and 107 in negative while the value of 23 stocks remained intact. Highest decreased were reflected in Nestle Pak and Wyeth Pak Ltd down by Rs 100 to Rs 6600 and Rs 29.50 to Rs 1360. The top gainers of the day were led by Colgate Palmolive and Island Textile up by Rs 50 to Rs 1849.50 and Rs 30 to Rs 733.
Active list was topped by Dewan Cement with 43.843 million shares as it closed at Rs 8.44 after opening at Rs 7.52.
Bank of Punjab(R) was on the second position with 26 million shares up by Re 0.12 to Rs 2.42. It was followed by Fauji Cement with 16.399 million shares higher by Re 0.40 to Rs 11.86, PTCLA with 14.063 million, Bank of Punjab with 10.700 million, Bank Al-Falah with 10.237 million, Lafarge Pakistan with 9.256 million, Pace (Pak) Limited with 7.816 million, Pak Petroleum with 7.525 million and Maple Leaf Cement with 7.062 million shares.
Share prices go through the roof
May 29, 2013 Our Staff Reporter 0
KARACHI - Stocks closed all time high in the pre-budget rally at KSE amid hopes for relief to stock market and corporate sector.
The stock market benchmark KSE-100 share index gained 542,86 points or 2.59 percent to conclude the days trading at 21501.72 points compared to 20958.86 points of the previous day.
KSE-Allshare index up by 340.82 points or 2.30 percent to close the day at 15147.25 points, KSE-30 share index increased by 501.03 points or 3.09 percent to conclude the session at 16729.40 points while KMI-30 share index enlarged by 981.22 points or 2.72 percent to stop the day at 37084.33 points.
Stock analyst Ahsan Mehanti said institutional interest witnessed in stocks across the board amid higher trades in oversold market.
Renewed foreign interest in blue chip stocks, rise in urea offtake data, rising local cement and urea prices and speculations ahead of $15b Saudi bailout package to ease circular debt issues in Pakistan energy sector likely to avoid IMF package played a catalyst role in bullish sentiments at KSE despite concerns for power outrage in the country impacting industrial sector.
The turnover of stock market in terms of shares was 305.007 million shares after opening at 234.847 million shares and the value of traded shares was jumped to Rs 10.893 billion from Rs 6.707 billion while the capitalisation Karachi bourse settled at Rs 5.221 trillion compared to Rs 5.104 trillion of a day earlier. Equity dealer Samar Iqbal said Pakistan index saw new high when it crossed 21,500 points mark for the first time led by foreign buying.
Investors expecting early resolution to energy crisis that will ease build up circular debt thereby improving liquidity position of energy companies. That is why heavy weights PSO, OGDC, and PPL witnessed aggressive buying causing index to increase by more than 500 points. Foreigners favorite MCB also rallied and closed at upper limit of 5pc.
Shares of 387 companies were traded on Tuesday where 257 closed in positive and 107 in negative while the value of 23 stocks remained intact. Highest decreased were reflected in Nestle Pak and Wyeth Pak Ltd down by Rs 100 to Rs 6600 and Rs 29.50 to Rs 1360. The top gainers of the day were led by Colgate Palmolive and Island Textile up by Rs 50 to Rs 1849.50 and Rs 30 to Rs 733.
Active list was topped by Dewan Cement with 43.843 million shares as it closed at Rs 8.44 after opening at Rs 7.52.
Bank of Punjab(R) was on the second position with 26 million shares up by Re 0.12 to Rs 2.42. It was followed by Fauji Cement with 16.399 million shares higher by Re 0.40 to Rs 11.86, PTCLA with 14.063 million, Bank of Punjab with 10.700 million, Bank Al-Falah with 10.237 million, Lafarge Pakistan with 9.256 million, Pace (Pak) Limited with 7.816 million, Pak Petroleum with 7.525 million and Maple Leaf Cement with 7.062 million shares.
Share prices go through the roof
