KARACHI: The week began with some bullish activities as KSE-100 index ended above 10,200 due to buying mainly in cement stocks on the news of construction of Diamer-Bhasha Dam while announcement of aid by US Secretary of State too supported the rally.
The benchmark KSE 100-index increased by 48 points, 0.47 per cent, to close at 10,201 points, KSE 30-index grew by 55 points, 0.55 per cent, to end at 10,117 points and KSE all-share gained 33 points, 0.47 per cent, to close at 7,143 points.
Samar Iqbal, equity dealer at Topline Securities said that cement stocks-led rally kept 100 index in the positive territory throughout the trading session. "Council of Common Interest approved the construction of Diamer-Bhasha dam. Besides, US Secretary of State announced the aid of $7.5 billion. These news stoked interest in the market. However, volume remained on the lower side," said Samar.
Market started the session on a positive note at 28 points up. Positive activities managed to continue throughout the session as investors took positions.
On the other hand, higher international oil prices and hopes of early launch of leverage product allowed the bullish activities to continue. Therefore, index kept on increasing gains due to consistent buying in cement, banking, fertiliser, oil and some group specific stocks.
Index at about 12:43 PST touched an intraday high of 10,251 points (+ve 97 points). However, some profit taking at higher levels reduced some of the green numbers. Index managed to close above 10,200 levels with clipped gains.
Ahsan Mehanti, Director at Arif Habib Investments said that bullish activity was led by Mansha Group scrips in banking, textile, insurance, and cement sectors on strong valuations. According to NCCPL, there was a net foreign buying of $0.85 million on Monday. On the local side, individuals and banks did a net buying of $0.51 and $0.46 million respectively while mutual funds did a net selling of $1.48 million.
Investor participation remained low throughout the day but improved on day-to-day basis as 67.7 million shares traded in the overall market, indicating rise of 11.9 million shares compared to 55.8 million shares a day earlier. Out of total 387 active issues, 203 advanced and 160 declined while 24 issues remained unchanged.