KSE hits fresh all-time peak on hopes of National Savings rate declineSouce:Xinhua Publish By Jane B. Hatcher Updated 19/12/2012 6:04 am in Business / no comments
by Jawad Hussain
KARACHI, Dec. 18 — Bulls staged a strong comeback at Pakistan’s Karachi Stock Exchange (KSE) on Tuesday mainly on hopes of possible reduction in National Savings rate while the central bank’s resolve to arrest the continuous depreciation of Pakistani rupee against U.S. dollar also pumped confidence in investors.
The benchmark KSE 100-Index gained 0.34 percent or 57.66 points to close at 16,858.68 levels on Tuesday as against close of 16,801. 02 levels recorded on Monday as investors returned to buying ways in Dera Ghazi Khan Cement as well as Engro Corporation, MCB Bank, and Byco Petroleum.
The KSE All Share Index increased by 0.3 percent or 35.40 points to end at 11,916.77 levels on Tuesday as against Monday’s 11,881.37 levels, the KSE 30-Index surged by 0.52 percent or 70.79 points to conclude at 13,680.85 levels on Tuesday as against Monday’s 13,610.06 levels, whereas the KMI 30-Index inched up by 0. 02 percent or 6.26 points to finish the day at 28,822.02 levels on Tuesday as against Monday’s close of 28,815.76 levels.
The Karachi Stock Exchange started Tuesday’s trading session on a strong bullish note where investors took active part in buying activities owing to central bank’s statement where it asked the Exchange Companies to come forward and take some serious measurers to control the continuous depreciation of the local currency against the greenback.
The State Bank of Pakistan summoned a meeting of exchange companies (ECs) Monday where it discussed the ways and steps to arrest the recent hefty decline in the rupee value and asked the ECs to join hands with it to devise strategies to strengthen the local currency from drastic declines.
The meeting injected confidence in the investors at the KSE on Tuesday and they were seen active in buying major stocks which propelled the main index to hit its intraday highest level of 16, 912.57 within the first couple of hours of trading.
However, it faced resistance at its intraday high and kept losing value for the rest of the day but still managed to end the session in green zone.
Market volumes improved by 27.057 million shares to 118.645 million shares on Tuesday as against trading of 91.588 million shares reported on Monday after local investors returned to trading activities.
Market capitalization increased by 12.550 billion rupees to 4. 224 trillion rupees on Tuesday when compared with market capitalization worth 4.211 trillion rupees recorded the other day.
The Karachi Stock Exchange’s trading value augmented by 1.184 billion rupees (12.468 million U.S. dollars) to 3.702 billion rupees on Tuesday as against Monday’s trading value of 2.518 billion rupees.
As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors came up with net buying worth 71.972 million rupees on Monday.
In broader market, a total of 362 companies changed hands during the course of trading on Tuesday where prices of 175 issues ended in the red territory, 167 closed in the green zone, whereas values of 20 other scrips stayed unchanged at previous day’s levels.
Hub Power Company was the top traded company of the day with trading of 10.348 million shares in its scrip, followed by Jahangir Siddiqui Company Limited, Byco Petroleum, Dera Ghazi Khan Cement, Maple Leaf Cement, Karachi Electric Supply Company, Fauji Cement, Fauji Fertilizer Bin Qasim Limited, Engro Corporation, and Pakistan Telecommunication Company Limited with turnovers of 9.528 million shares, 8.396 million shares, 5.952 million shares, 5.697 million shares, 4.446 million shares, 4.142 million shares, 3.437 million shares, 3.415 million shares, and 3.113 million shares, respectively.
Wyeth Pakistan Limited was the top price gainer of the day with an increment of 44.76 rupees per share to close at 944.76 rupees while on the other hand Bata Pakistan led the major price shedders of the day with decrement of 74.50 rupees in its per scrip value to finish the day at 1,415.50 rupees.