Karachi stocks cross 36,000-level on robust quarter results

Karachi stocks on Wednesday crossed the 36,000-point as investors expecting healthy quarter results took positions across the board, dealers said.
Analyst Samar Iqbal at Topline Securities said the market reached its historic high level as investors expected robust June quarter earnings.
The benchmark Karachi Stock Exchange (KSE) 100-share Index closed 235.12 points, or 0.65 percent, higher to end at 36,156.83 points against 35,921.71 points recorded in the last session. The highest index of the day stood at 36,266.31 points, while the lowest level of the day was recorded at 35,921.71 points. The KSE 30-share Index rose 135.11 points, or 0.60 percent, to 22,506.60 points against 22,371.49 points.
Turnover expanded 26 million shares to 336.73 million shares against 310.67 million shares, trading value rose to Rs15.70 billion as compared to Rs13.51 billion and market capital increased to Rs7.76 trillion from Rs7.71 trillion recorded in the last session. Of a total of 392 companies active in the session, 225 closed in black, 147 in red and 20 remained unchanged.
Analyst Ahsan Mehanti at Arif Habib Corp said stocks closed up on record profits declared by the banking scrips.
“Bullish activity was led by selected stocks across the board after recovery in prices of global commodities,” Mehanti said.
He added that expectation for an approval of the next tranche by the International Monetary Fund, decision of a trade association to call off strike against the withholding tax and revised government commitment to the privatisation of the state-owned enterprises stoked bullish sentiments.
Al Ghazi Tractors gained four percent and Allied Bank Limited closed one percent up as their results beat the expectations.
Institutional support pushed Engro Foods up at five percent. Its trading volume was 3.7 million shares. The stock has been under selling pressure for last few trading sessions.
Highest increase was recorded in shares of Hinopak Motor XD by Rs51.81 to Rs1,088.01/share followed by Island Textile that rose Rs42.00 to Rs882.00/share. Major decrease was noted in shares of Nestle Pak by Rs200.00 to Rs10,500.00/share followed by Wyeth Pak Ltd that fell Rs100.00 to Rs2,400.00/share.
Significant turnover was recorded in stocks of Silk Bank (Right), Quice Food, K-Electric Ltd, Pak Elektron, TRG Pak Ltd, Byco Petroleum, Pakistan Telecommunication Company Ltd SPOT, Pace (Pak) Ltd, Descon Oxychem and Engro Fertilizers.
Silk Bank (Right) was the volume leader with 39.00 million shares with an increase of 10 paisas to Re0.28/share. It was followed by Quice Food with 17.43 million shares with an improvement of 51 paisas to Rs12.35/share.
Shares' turnover in the futures market increased to 37.79 million shares from 31.40 million shares traded in the previous session.