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KSE 100-share index gains 56 points

KARACHI: After visiting near-14,000 points psychological mark in reverse, the Karachi bourse attracted renewed buying in the second half of Monday’s session amid closing with net moderate buying.

The KSE 100-share index regained 56 points or 0.41 per cent to close at 14,287 points. Its junior partner the 30-Index posted an increase of 141 points or 0.84 per cent and concluded at 16,910 points.

Low price stocks invited moderate buying at the local bourse. Almost all the favourite sectors in limelight including bank, energy, cement, telecom and fertiliser recovered to positive territory, said analysts.

The market opened with extended losses and touched 14,023 points intra-day low, losing 206 points in the opening minutes from pre-opening level of 14,229 points. Active buying on the day dips helped the 100-index recover 293 points from the day deepest level to 14,316 points intra-day high hit sometime in second half of the session. Weak investors, however, opted to book profits at the available margins that pushed the index below 14,300-point level in the closing minutes.

Depreciated stocks invited attention of cautious investors, who purchased small lots of shares to remain on safe side, said analysts and added that the fundamental changes in coalition government, following PML-N ministers resigning from their respective portfolios, could extend the ongoing correction phase on the bourse.

Another analyst was of the view that SBP measures to stabilise the rupee value in parity with US dollar and other precious currencies also worked on the equity markets. “The stabilising rupee encouraged investors to invest in stocks market rather than in the more speculative currency market,” he added.

Ahsan Mehanti at Shahzad Chamdia Securities said that buying euphoria witnessed on the market had entered into the oversold zone. The oil prices in international market near US$126 per barrel attracted investor interest in relevant stocks.

He maintained that Mansha group scrips including AICL, NML and MCB remained in limelight on capital gains booking on shares sold to Maybank, a Malaysian Bank. The cement sector exports growth also invited investor interest in the sectorial stocks, he added.

The day’s turnover in the ready market declined furthermore to 146 million shares, 13-week lowest level. This turnover is also 19 per cent lower than 180.6 million shares recorded on Friday.

The futures market turnover also fell to 39.7 million shares against 61.5 million shares of last working session ٌ recording a decline of 35.5 per cent. However, the overall market capitalisation enhanced by Rs16 billion to stand at Rs4.381 trillion.

The plus sign was having an edge over the minus one, as 156 companiesي stocks closed positive against 139 companiesي stocks concluded on negative note. The value of 30 scrips remained unchanged with total 325 active counters on board.

Highest volumes were witnessed in Arif Habib Securities at 12.6 million closing at Rs189 with a gain of Rs3.30, followed by Nishat Mills at 8.9 million closing at Rs113.92 with a gain of Rs5.42, DG Khan Cement at 6.7 million closing at Rs95.50 with a gain of Rs2.71, MCB Bank at 6.1 million closing at Rs360.80 with a gain of Rs5.80 and National Bank at six million closing at Rs218.65 with a gain of Rs1.90.