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KSE index rises on back of investment in cement sector
KARACHI: The Karachi Stock Exchange's (KSE) benchmark 100index surged by 38.51 points to a new alltime high of 16,845.09 points on Friday against the previous peak of 16,824.55 points recorded on December 6 as investors' waited for the monetary policy announcement, said dealers.
Ahsan Mehanti, an analyst at Arif Habib Corp, said that the market increased because of expectations of major cut in the discount rate, which did not happen. "A cut of 50 basis points will not have much positive impact on the market next week and it is likely to remain mix," he said.
The KSE100 index rose by 38.51 points, or 0.23 percent, to 16,845.09 points against 16,806.58 points recorded in the last session. The index, at one time, reached a high of 16,875.00 points, while low level of the day was recorded at 16,806.58 points. The KSE30 index improved by 33.95 points, or 0.25 percent, to 13,637.59 points in the session.
Along with the index, turnover and value increased in the session. The turnover was higher by 10 million shares to 129.48 million shares from 119.20 million shares,[url=http://www.sport.fr/sponsoring/uggpascher.html]ugg australia pas cher[/url], whereas the value also increased to Rs4.08 billion from Rs3.31 billion.
Hasnain Asghar Ali, chief operating officer of Escorts Capital, said low multiples and high growth continued to invite fresh flows. Cement stocks led the show, while selective fertiliser stocks rallied along, thereby, reflecting the presence of fresh funds.
Engro chemicals stayed under pressure mainly on high debt and gas supply concerns, while Fauji Group's fertiliser stocks continued to invite fresh funds on high payout ratio maintained by the companies, thereby, keeping the liquidity within the sector, he said.
"Frontline and lowtier cement stocks contributed well to overall turnover on high trading interest that followed fresh flows. Frontline banking stocks although struggled to invite volumes mainly due to cautious stance ahead of the monetary policy, expectations of high payouts, however, kept sellers aloof and allowed the stocks to manage green numbers for the day," he said.
Fahad Ali, an analyst at JS Research, said that the activity remained lacklustre in the exploration and production (E sector, whereas investors traded actively in the banking and cement sectors in anticipation of the discount rate cut in the monetary policy. "The State Bank of Pakistan (SBP) announced a cut of 50bps to 9.5 percent from 10 percent. In our view, this will give a boost to the textile and cement sectors," he said.
Samar Iqbal, an equity dealer at Topline Securities (Pvt) Ltd, said rangebound activity was seen due to uncertainty on the quantum of interest rate cut. "Focus, however, remained towards cement stocks as Maple Leaf Cement witnessed maximum volume," she said.
Highest increase was recorded in the shares of Bata (Pak), which increased by Rs20 to Rs1,490 per share followed by Unilever Pakistan, which rose by Rs19.52 to Rs10,020 per share.
Major decline was witnessed in the shares of Nestle Pakistan Ltd, which fell by Rs199 to Rs4,701 per share followed by Colgate Palmolive that declined by Rs73 to Rs1,427 per share.
Stocks that recorded significant turnover included Maple Leaf Cement, Jahangir Siddiqui Co, DG Khan Cement, Fauji Cement and Pak Elektron Ltd. Maple Leaf Cement was the volume leader with a turnover of 21.29 million shares. It gained 80 paisas to close at Rs14.92 per share, followed by Jahangir Siddiqui Co with a turnover of 8.51 million shares as it declined by 37 paisas to Rs16.98 per share.
Shares turnover in the futures market rose to 9.21 million from 9.18 million shares traded in the previous session. Of 354 companies' shares traded, 174 advanced, 158 declined and 22 remained unchanged.