Karachi stocks close 56 points higher on foreign interest

The Karachi stock market finished higher a day ahead of Eidul Azha holidays Tuesday on account of foreign interest across-the-board.

The Karachi Stock Exchange (KSE) 100-share index gained 56.35 points or 0.52 percent to close at 10,966.00 points as compared to the previous session’s 10,909.65 points. The KSE 30-share index closed at 10,596.46 points after opening at 10,531.01 points, gaining 65.45 points.

The turnover gained 14.69 percent to 74.22 million shares as compared with the previous session’s 64.71 million shares. The market capitalisation went up by 0.46 percent to Rs 2.995 trillion from its opening at Rs 2.981 trillion. Gainers beat losers 228 to 156, while 18 stocks were unchanged.

“Continued foreign interest kept the market in the green however local investors preferred to stay to the sidelines ahead of long holidays,” said Topline Sec analyst Samar Iqbal. “Interestingly blue chips were mainly active.”

The KSE 100 all-share index closed at 7628.24 points, gaining 38.44 points. “Positive sentiment prevailed in blue chips across-the-board on positive reports about the energy sector by foreign investors after S&P affirmed stable long-term outlook for Pakistan despite fall in international oil prices near to $84 a barrel and massive correction in global capital markets,” said Arif Habib Investment Ltd Director Ahsan Mehanti. “Bullish activity was witnessed amid low volumes ahead of Eid holidays on foreign interest in the energy sector after power tariff was raised.”

Investors’ expectations were high over structural reforms about Reformed General Sales Tax and early resolution of circular debt crisis after $500 million aid approval for rehabilitation and reconstruction of flood-affected regions in the country at Pakistan Development Forum.”

The KMI 30 index closed at 17,542.26 points with a gain of 115.59 points.

Jah Siddi and Co was the volume leader with 8.84 million shares as it closed at Rs 12.55 after opening at Rs 12.24, gaining 31 paisas. Lotte Pakistan PTA traded 5.33 million shares as it closed at Rs 11.94 from its opening at Rs 12, falling six paisas. Hub Power Co traded 5.31 million shares as it closed at Rs 35.54 as compared to its opening at Rs 35.15, gaining 39 paisas. Attock Refinery traded 3.88 million shares as it closed at Rs 127.23 as against its opening at Rs 121.52, gaining Rs 5.71.