KARACHI: Bulls bounced back strongly on back of SBP rate cut of 50pbs and kept their rule at the Karachi Stock Exchange (KSE) again as the benchmark KSE 100-Index surged a considerable 358.72 points or 1.14% to reach 31702.79 points and volume of 172,777,940 shares on first day of trading, Monday.
The market started the week in a fashion and picked up the thread from weekend closing of 31344.07 points, going up in a confident way. It continued upward march and kept on adding to the score tally, boosting confidence of the investors.
The bull-run seems to have committed to take the Karachi Stock Exchange (KSE) benchmark KSE 100-Index to highest-ever psychological barrier of 32,000 points and keeping its buoyancy in view, it seems not far off. It is to be recalled that the market remained buoyant throughout the previous week and gained 400 points. Experts and analysts attributed the bullish trend to various factors both on the economic and political spectrum.
As a whole 32.51 per cent of companies witnessed increase in their shares while 28.41 per cent lost their share value and 3.45 per cent companies remained stable. High and Low were 31765.91 and 31344.07 respectively. Total volume traded in the market was 172,777,940 shares. Highest decreased reflected in the price of Bata (Pak) XD down by Rs 132 to Rs 3168 follow by Nestle Pak.XD off by Rs 100 to Rs 8800. Unilever FoodsXD and Murree Brewery were the top price gainers of the day up by Rs 118.50 to Rs 9250 and Rs 52.50 to Rs 1102.50. MLCF, PSO, Engro and Lucky rallied in anticipation that their earnings will increase due to falling benchmark rates. HCAR closed lower limit after announcing September quarter earnings.
Active list was topped by JS Co with 19.951 million shares as it closed at Rs 14.71 after adding Re 1 in its share price. Maple Leaf Cement was on the second number with 19.074 million shares as it closed at Rs 33.73 after opening at 32.90. It was followed by Pak Elektron with 13.322 million shares up by Re 0.55 to Rs 30.70, Lafarge Pak with 13.322 million shares higher by Re 0.42 to Rs 16.22 and Engro Fertilizer Ltd with 10.115 million shares grew by Rs 1.93 to Rs 64.91.
Experts and analysts expressed their hope that the market would remain buoyant and likely to cross the new high of 32,000 in the week. It is to be noted that the previous peak of 30,474 points came in July, but the exchange plunged in August as opposition groups led by cricketer-turned-politician Imran Khan and firebrand cleric Tahirul Qadri began rallies and staged a sit-ins outside parliament to try to topple the government of Prime Minister Nawaz Sharif.
