ISLAMABAD, Mar 17, 2014 (Xinhua via COMTEX News Network) — Pakistan’s Karachi Stock Exchange (KSE) recorded bullish trade on Monday as a positive statement by Moody’s Investor Service on the country’s credit outlook helped shore up investor confidence at the top local bourse.
The benchmark KSE 100-Index gained 0.39 percent or 104.63 points to 27,229.10 points Monday as against 27,124.47 points reported Friday.
The KSE All Share Index increased by 0.46 percent or 92.06 points to 20,287.34 points, the KSE 30-Index swelled 0.15 percent or 29.05 points to 19,608.48 points, whereas the KMI 30-Index inched down fractionally by 1.4 points to 45,587.15 points.
During Monday’s trading session, the key index hit an intraday high of 27,316.53 points as against an intraday low of 27,124.47 points.
Apart from the Moody’s positive stance over Pakistan’s credit outlook, State Bank of Pakistan’s positive stance on economic indicator in the recent policy statement also helped investors keep bullish momentum at KSE.
Investors’ interest remained towards banking stocks after latest MPS announcement as MCB Bank gained 3.3 percent while United Bank Limited closed 1.8 percent.
Cement stocks witnessed some profit-taking as Lucky Cement closed 1.3 rupees down, Dera Ghazi Khan Cement declined by 5 paisa and Maple Leaf Cement closed down by 0.44 rupees.
Sui Southern Gas Company and Sui Northern Gas Pipelines both witnessed healthy volumes and closed at their upper limits after the proposal of increase in UFG losses.
Market volumes depleted by 57.403 million shares to 209.743 million shares, capitalization improved by 18.205 billion rupees ( 182.052 million U.S. dollars) to 6.57 trillion rupees (65.701 billion U.S. dollars), whereas trading value shrank by 1.367 billion rupees (13.678 million U.S. dollars) to 7.577 billion rupees (75.778 million U.S. dollars).
Among 376 active scrips Monday, prices of 178 issues advanced as against the same number of companies registering decline while rates of 20 other scrips stayed unchanged.
TRG Pakistan Limited, Sui Southern Gas Company, and Lafarge Pakistan Limited were the top traded companies with turnovers of 26.808 million shares, 16.875 million shares, and 14.694 million shares, respectively.
Wyeth Pakistan Limited SPOT was the top price gainer with increment of 199 rupees (1.99 U.S. dollars) to 4,699 rupees (46.99 U.S. dollars) while Island Textile led major price shedders with decrement of 53.80 rupees (53.80 U.S. cents) to 1,022.20 rupees ( 10.22 U.S. dollars).