Market Watch: Bourse surges to six-month high

 

KSE’s benchmark 100-share index jumps 154 points.

 

KARACHI: The stock market closed at a six-month high on Monday as investors took activity up a notch on rumours of foreign buying and ease in the circular debt in the next few days.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index jumped 1.29 per cent or 154.3 points to end at the 12,136.92 point level.
“Term Finance Certificates are expected to be issued in the next few days to resolve the circular debt issue,” said JS Global Capital analyst Shakir Padela.
A healthy intra-day upward correction was also witnessed after reports surfaced that Supreme Court suspended membership of a few senators and parliamentarians including Finance Minster Abdul Hafiz Shaikh.
Foreign institutional investors were net buyers of Rs313 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Trade volumes surged to 196 million shares compared with Friday’s tally of 130 million shares.
National Bank of Pakistan closed the day on its upper circuit on expectations of high cash and bonus payout with the full year result, added Padela. The country’s largest bank by asset was up 5% to Rs45.29.
Second tier banks were also in limelight as result driven rally finally gathered momentum. Bank Alfalah rose 2.1%, Askari Bank gained 7%, Standard Chartered Bank 7%, Bank of Punjab 12% and NIB Bank gained 3%.
Shares of 353 companies were traded on Monday. At the end of the day 195 stocks closed higher, 79 declined while 79 remained unchanged. The value of shares traded during the day was Rs5.57 billion.
Jahangir Siddiqui and Company was the volume leader with 32.14 million shares gaining Re0.1 to finish at Rs7.56. It was followed by DG Khan Cement with 12.63 million shares gaining Rs0.61 to close at Rs24.83 and Lafarge Pakistan with 9.83 million shares firming Rs0.06 to close at Rs2.29.

Posted in: Business News, KSE