ROUNDUP: KSE 100 BREACHES 29,600 POINTS ON 3RD STRAIGHT BULLISH DAY

ROUNDUP: KSE 100  BREACHES 29,600 POINTS ON 3RD STRAIGHT BULLISH DAY

A renewed interest in large-cap stocks helped Pakistan’s Karachi Stock Exchange (KSE) to cross 29, 600 points on the last day of Financial Year 2014 on Monday as investors remained active in Pakistan Petroleum Limited and Pakistan State Oil.

The benchmark KSE 100-Index surged by 1.05 percent, or 308.77 points, to 29,652.53 points, as against 29,343.76 points recorded on Friday.

The KSE All Share Index gained 0.81 percent or 176.65 points to 21,973.16 points, the KSE 30-Index increased by 1.3 percent or 262. 16 points to 20,415.95 points, whereas the KMI 30-Index augmented by 1.68 percent or 789.57 points to 47,686.55 points.

During Monday’s trading session, the key index traded between a high of 29,724.57 points and a low of 29,330.21 points.

Pakistan Petroleum Limited was on the buyers’ shopping list following its book building process as the scrip gained 3 percent. Pakistan State Oil advanced by 2 percent amid expectations that the company would raise fresh fund through debt issuance. Lucky Cement also closed 5 percent higher as investors built fresh positions in the stock.

Trading volume rose by 10.38 million shares to 156.57 million shares, turnover expanded by 575.99 million rupees (5.76 million U. S. dollars) to 8.46 billion rupees (84.55 million U.S. dollars), whilst market capitalization surged by 56.48 billion rupees (567. 78 million U.S. dollars) to 7.02 trillion rupees (70.23 billion dollars).

Among 331 active scrips Monday, prices of 168 stocks declined, 140 advanced, whereas 23 others remained flat.

Arif Hussain Corporation, Sui Southern Gas Company and Bank of Punjab were most heavily traded, with turnover at 16.05 million shares, 14.92 million shares, and 11.62 million shares, respectively.

Wyeth Pakistan Limited was the top price gainer with its price up 130.62 rupees (1.31 U.S. dollars) to 4,450 rupees (44.50 U.S. dollars), whereas Pakistan Tobacco led the major losers by falling 66.46 rupees (66.46 U.S. cents) to 1,265 rupees (12.65 U.S. dollars).