News Column

Foreign inflows push KSE-100 higher

July 16, 2014

A continuous buying spree by foreign funds turned sentiments positive at Karachi Stock Exchange (KSE) on Wednesday as the main index closed well above 29,700 points with improved investors' participation.

The benchmark KSE 100-Index gained 0.31 percent or 92.20 points to 29,776.17 points on Wednesday as against 29,683.97 points posted on Tuesday.

The KSE All Share Index swelled by 0.3 percent or 66.55 points to 21,888.97 points, the KSE 30-Index increased by 0.48 percent or 99.32 points to 20,654.4 points, whereas the KMI 30-Index ballooned by 0.25 percent or 117.88 points to 48,217.09 points.

During Wednesday's trading session, the key index hit an intraday high of 29,832.90 points as against an intraday low of 29, 655.35 points.

Due to continuous inflow of foreign funds sentiments turned positive at the local bourse as index heavyweight MCB Bank rallied, while United Bank Ltd and Pakistan Oilfields Ltd followed suit.

Cement stocks remained in the limelight as investors took fresh positions in anticipation of healthy June results while on the other hand profit-taking was witnessed in Karachi Electric Ltd which closed 4.47 percent down with trading of 12 million shares.

Market volumes improved by 4.972 million shares to 112.8 million shares, capitalization surged by 21.361 billion rupees to 6.995 trillion rupees, whereas the trading value shed 21.578 million rupees to 6.114 billion rupees.

Among 342 active scrips Wednesday, prices of 178 issues declined, 132 advanced, whereas values of 32 other companies stayed unchanged.

Karachi Electric Ltd, Fauji Cement, and Lafarge Pakistan were the top traded companies with turnovers of 12.245 million shares, 7.944 million shares, and 7.694 million shares, respectively.

Nestle Pakistan was the top price gainer with increment of 192. 25 rupees to 8,150 rupees whereas Shezan International led the major price shedders with decrement of 53.82 rupees to 1,022.70 rupees.

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Source: Daily Messenger (Pakistan)

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