Karachi stocks end all-time high; investors eye June results

Karachi equities on Thursday finished all-time high as buyers were expecting robust quarterly results and on foreign investment inflows, while healthy volumes were led by small-cap scrips, dealers said. “The market closed at its all-time high as investors remain optimistic regarding June quarter results of leading companies,” a report by the Topline Securities said.
The benchmark Karachi Stock Exchange (KSE) 100-share Index closed higher by 342.95 points, or 0.98 percent, to 35,186.56 points against 34,843.61 points recorded in the last session. The highest index of the day remained at 35,236.34 points, while the lowest level of the day was recorded at the beginning level of 34,843.61 points. KSE-30 Index also increased by 220.52 points, or 1.01 percent, to 22,122.68 points against 21,902.16 points.
Turnover rose by 29 million shares to 405.85 million shares as against 376.30 million shares, trading value was up Rs16.13 billion from Rs12.89 billion and market capital reached Rs7.56 trillion compared to Rs7.50 trillion recorded in the last session. Of a total of 367 companies active in the session, 246 closed up, 107 ended down 14 remained unchanged.
Foreigners were net buyers as they bought and sold shares worth $15.6 million and $13.2 million, respectively.
A report by the Topline Securities said index heavy weights MCB Bank, Engro Corp, Hub Power and Oil and Gas Development contributed 210 points to the index gains.
Analyst Faisal Bilwani at Elixir Securities said equities ended higher as lower than expected inflation reading suggested of positive macroeconomic indicators, while deferral of gas price hike continued to fuel excitement. Cements led the show with Lucky Cement, hitting its upper lock, was up 5 percent while DG Khan Cement surge three percent and Fauji Cement rose 3 percent.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed high on strong institutional interest in blue chip scrips.
Upbeat cement dispatch data for Jun, recovery in global stocks and $18.5 billion record FX reserves data amid release of IMF tranche played a catalyst role in bullish activity, Mehanti said.
Highest increase was recorded in shares of Bata (Pak) by Rs110.73 to Rs3,844.17/share, followed by Unilever Foods that rose by Rs107.60 to Rs7,850.00/share. Major decrease was noted in shares of Sapphire Fiber by Rs29.00 to Rs571.00/share, followed by Siemens Pak that fell by Rs25.00 to Rs1,290.00/share.
Significant turnover was recorded in stocks of NIB Bank Limited, Byco Petroleum, Pace (Pak) Ltd, Telecard Limited, K-Electric Limited, Dewan Cement, Lafarge Pak, Silk Bank Limited, Fauji Cement and Japan Power.
NIB Bank Limited remained the volume leader with 29.03 million shares with an increase of five paisas to Rs2.25/share. It was followed by Byco Petroleum with 23.85 million shares with an improvement of Rs1.16 to Rs24.76/share.
Shares’ turnover in the futures market, however, fell to 31.93 million shares from 33.36 million shares traded in the previous session.