KARACHI: The Karachi stock
market crossed the psychological level of 18,000 points on the last trading day
of the week Friday as strong textile sector exports data, record earnings
announcements and current account surplus for July to January 2013 propelled
investors to take positions in stocks across-the-board.
Analysts said buying by foreign fund managers also helped the index breach
18,000 points level.
The Karachi Stock Exchange (KSE) 100-share index gained 153.25 points or 0.86
percent to close at 18,074.27 points as compared to 17,921.02 points of the
previous session. The KSE 30-share index was up by 144.81 points to close at
14,814.06 points as compared with 14,669.25 points of the previous session.
“The index crossed the physiological level of 18,000 points due to continuous
buying by foreign fund managers in the last few days,” said Topline Sec dealer
Samar Iqbal. “Volumes remained healthy as 370 million shares were traded mostly
focused towards telecommunication shares.” MCB, Engro and Pakistan
Telecommunications Company Ltd closed at their upper limits due to positive news
flows while some correction was witnessed in oil stocks due to falling
international oil prices, she added.
The market turnover went up by 5.58 percent and traded 369.04 million shares
after opening at 349.53 million shares. The overall market capitalisation also
rose 0.60 percent and traded Rs 4.491 trillion as against Rs 4.464 trillion.
Gainers beat losers 208 to 141, while 16 stocks were unchanged.
The 100-share index closed at an all-time high level led by buying in selected
blue chips across-the-board on strong earnings outlook,” said Arif Habib
Corporation Director Ahsan Mehanti. “Strong textile sector exports data, record
earning announcements, current account surplus for July to January 2013,
expected hike in KESC power tariff, easing circular debt concerns in the energy
sector and hopes for OGDC gas sales agreement with fertilizer companies affected
the investor sentiment positively.”
The KMI 30-share index gained 103.12 points to close at 31,228.140 points from
its opening at 30,124.98 points. The KSE all-share index closed with a gain of
77.71 points to 12,683.77 points as against 12,606.06 points of the previous
session.
“Positive news flow regarding availability of gas for Engro sparked aggressive
buying while hefty gains backed by high turnover helped to cross the 18,000
points mark,” said Escorts Capital Chief Operating Officer Hasnain Asghar Ali.
“News flow carrying further details of approval by Economic Coordination
Committee regarding gas supply may dominate the proceedings while value buying
in frontline stocks may allow the sentiments to ignore threats on external
orbit.”
WorldCall Telecom was the volume leader in the share market with 45.79 million
shares as it closed at Rs 3.84 after opening at Rs 3.70, gaining 14 paisas.
TeleCard Limited traded 31.63 million shares as it closed at Rs 7.10 from its
opening at Rs 6.10, rising Re 1. PTCL traded 29.81 million shares and closed at
Rs 23.97 as compared to its opening at Rs 22.83, increasing Rs 1.14. TRG
Pakistan Ltd traded 25.68 million shares as it closed at Rs 8.28 as against its
opening at Rs 8.03, appreciating 25 paisas.