KARACHI: Bulls maintained their rule at the Karachi Stock Exchange (KSE) as benchmark KSE 100-Index after crossing highest-ever psychological barrier of 31,000 points kept on upward march to reach 31395.01 points with a considerable gaining of 456 points or 1.503% on Monday. At the close of the day, the KSE slightly lost the momentum and closed at 31281.83 points adding 351.79 or 1.14% with a volume of 195,453,500 shares with a value of 13,047,581,309.
News about IMF tranche approval, signing of $42b pacts with China took the KSE its all-time high. Oil and cement scripts. Besides, strong rally in oil and cement scrips also kept the market afloat. Oil and Gas Development Company (OGDC) Secondary Public Offering (SPO) being scrapped by Privatisation Commission fueled the scrip to its upper cap along with heavy interest received from long waiting investors. Cement dispatches for October 2014 reported on 6 percent growth pumped sector scrips where Pioneer Cement and Kohat Cement led the sector.
Earlier, the market started the new week at the weekend closing of 30912 points and continued recouping previous week’s buoyancy, setting the pace for trading in a fashion. It was beginning of the week but the KSE-100 index appeared enthusiastic and kept the investors engaged to boost their confidence.
The market volume surged by 20.26 percent to 330.164 million shares traded on Monday as compared to 274.550 million shares traded in previous session. The overall market capitalisation rose by 1.51 percent and traded Rs 7.265 trillion as compared to Rs 7.157 trillion of previous session. Gainers outnumbered losers 253 to 143 while 23 stocks were remained unchanged amidst the total 419 stocks traded.
Experts and analysts attributed the bullish trend to various factors both on the economic and political spectrum.
On the other hand, successful visit of Prime Minister Nawaz Sharif also help the sentiments at the market reached new highs as agreements worth more than $42 billion have been signed to pave the way for Chinese investors in different sectors, especially the energy and infrastructure. It is expected that these Pak-Sino agreements will boost the investment scenario further.
It is worthy to mention here that Customs Today predicted on Nov 6 that KSE 100-Index would touch the benchmark 31,000 points level till closing of the week on Friday. Customs Today has been regularly predicting such trends. For instance, Customs Today predicted cut in POL prices on October 3 and it happened on Nov 1 while the whole nation was in disbelief about the prediction on October 3.
