News Column

Karachi stocks smash all-time high above 30,000-mark

July 17, 2014

Karachi stocks hit an all-time historic peak above 30,000 points on Thursday as investors at Karachi Stock Exchange (KSE) bought big amid huge foreign inflows which have surged to 33.7 million U.S. dollars in July by Wednesday.

The benchmark KSE 100-Index jumped by 1.35 percent or 400.94 points to 30,177.11 points on Thursday as against 29,776.17 points recorded on Wednesday.

The KSE All Share Index gained 1.1 percent or 240.32 points to 22,129.29 points, the KSE 30-Index augmented by 1.53 percent or 315.86 points to 20,970.26 points, whereas the KMI 30-Index ballooned by 1.54 percent or 743.12 points to 48,960.21 points.

During Thursday's intraday trade, the key index touched an all- time high of 30,202.97 points as against an intraday low of 29,776. 17 points.

Local bourse rallied amid continuous healthy foreign inflows which also helped the turnovers to rise by 83 percent while value also jumped by 84 percent.

MCB Bank, United Bank Ltd, National Bank of Pakistan, and Allied Bank Ltd, and Habib Bank Ltd rallied after Moody's Investors Service raised outlook on these banks to stable from negative.

Cement stocks continued to rally in expectations of better June results.

Market volumes swelled by 93.461 million shares to 206.262 million shares, capitalization skyrocketed by 77.144 billion rupees to 7.072 trillion rupees, whereas trading value improved by 5.141 billion rupees to 11.255 billion rupees.

Among 349 active scrips Thursday, prices of 221 issues advanced, 96 declined, whereas values of 32 other companies stayed unchanged.

Fauji Cement, Karachi Electric Ltd, and Maple Leaf Cement were the top traded companies with turnovers of 20.302 million shares, 18.26 million shares, and 13.518 million shares, respectively.

Island Textile was the top price gainer with increment of 40.75 rupee to 898.75 rupees whereas Neslte Pakistan led the major price shedders with decrement of 150 rupees to 8,000 rupees.

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Source: Daily Messenger (Pakistan)

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