Buying spree lifts 100-Index @ Karachi Stock Exchange
Pakistan Times Business & Commerce Desk

KARACHI: Buying spree lifted prices of leading scripts at Karachi Stock Exchange (KSE) Monday as 100-Index surged by 50.88 points to 5403.08, dealers said.

Turnover volume was estimated at 174.028 million shares as prices of 137 scripts gained while 123 sustained losses and 38 remained unchanged.

Equities on the first day of the new week was led by bulls and the index recorded an appreciable gain of 47 points as activity in gas and banking sector recorded tremendous boost.

The KSE-100 index showed an increase of 46.75 points, or 0.87 percent, to 5399.72 as compared with 5352.97 of Friday. The business totalled at 263 million shares as against 364 million shares. The business was mostly concentrated around OGDC, Bank of Punjab, National Bank, D.G. Khan Cement and Hubco.

On the back of NIT’s announcement regarding a record dividend of Rs 2.55 per unit, banking sector witnessed major activity, with some of the sector scrips led the volume chart, said Arjumand Habib, research analyst at First Capital Equities.

Bank of Punjab and National Bank increased Rs 2.65 and Rs 1.10 to close at Rs 56.90 and Rs 68.45 respectively. With substantial activity seen in the banking and cement sectors in recent sessions and strong results expected particularly for the banking sector, analyst expect the market to continue move in the positive column on Tuesday.

PPL in its very first provisional trading had taken by storm. Investors saw huge potential as the pivotal gain Rs 106.50 to close at Rs 116.50. Ashraf Bava, an equity dealer of Elixir Securities said that the stock is an ideal target of cornering by speculators as only 102.9 million shares (15 percent) are being offered in the market including the green shoe option. “With each news of a hike in international oil prices, wells going dry, capacity plans, privatisation rumors and bonus announcements comes new vigor and excitement to this sector”, he said.

Humbal Haroon Katia, equity analyst from Akbarally Cassim from provisional trading in PPL as punters were busy accumulating the scrip. Banking stocks led the plus column as earnings are expected to increase due to the healthy dividend announcement by NIT. Hubco was the major loser of the session on news that the generator which was expected to be repaired by last week of September as per earlier target of August.

The badla increased marginally by 170 million rupees. There was major badla reduction in PTCL by 9 percent and the volumes are at reasonable levels. OGDC badla volume increased by 5 percent as being the volume leader attracted badla investors. The rates have inched higher into double digits as new levies are having their impact on the badla rates.

OGDC rose Rs 1.45 to Rs 67.45 on a volume of 52 million shares, Bank of Punjab moved up to Rs 56.90 from Rs 54.25 on a turnover of 32 million shares, National Bank closed at Rs 68.45, higher by Rs 1.10 on a trading of 20 million shares, D.G. Khan Cement lost 40 to Rs 58.65 on a business of 15.8 million shares and Hubco denoted a decline of 65 paisa to Rs 32.10 on a transaction of 15 million shares.●