KARACHI - New Year was celebrated in grand style as the bourse, where benchmark gained 348 points, closed all time high at 25608.85 points on expectations of increased fund allocation in the market for 2014.
Arif Habib, renowned equity expert, hopes that continuous growth in stock market depends on the performance of Government.
Growth in revenue generation and profitability in stocks are the main factor of bullish sentiment in the market while the news about the Chinese investors’ entrust in textile sector also played an important role in positive sentiment. KSE-Allshare index increased by 249.09 points or 1.33 percent to end the day at 18913.13 points, KSE-30 share index added 264.61 points or 1.41 percent to end the session at 19073.47 points while the KMI-30 share index up by 804.24 points or 1.90 points to finish the day at 43235.29 points.
Equity dealer Asad Siddiqui said 1.3pc decline in inflation also attracted renewed investor interest in cement and textile sector stocks as the fears of interest rate hike in the upcoming monetary policy. Out of 16 listed cement companies 15 closed in the green zone with MLCF and FECTC closing on their upper caps. Volumes were led by ANL, FCCL and MLCF with trade of 31.1m, 28.2m and 16.4m shares, respectively.
Stock closed with 117pc increase in volumes to Rs 10.124 billion compared to Rs 4.654 billion of a day earlier. Turnover of market in term of shares was 341.09 million after opening at 160.633 million shares while the capitalisation of the market maintained at Rs 6.136 trillion from Rs 6.056 trillion. Analyst Ahsan Mehanti said following PMs and FMs dialogue with media on economic performance, bullish sentiment prevailed throughout the trading session ahead of corporate earning announcements due early next week.
Trade remained record high with investors’ interest in stocks across the board on expectations for announcements on privatisation of SOEs and licence auctions in telecom sector, he added. Trading took place in 404 companies where gainers outnumbered the losers 295 to 94 while the value of 15 stocks not changed. Nestle Pak was the highest price gainer of the day increased by Rs 376.50 to Rs 7926.50 followed by Bata (Pak) up by Rs 139.62 to Rs 2932.08. Rafhan Maize and Services Ltd were the biggest losers of the day decreased by Rs 77.38 to Rs 8000 and Rs 18.69 to Rs 525.86.
Active list was topped by Azgard Nine with 31.135 million shares as it closed at Rs 8.14 after opening at Rs 7.20. Fauji Cement was on the second position with 28.201 million shares grew by Re 0.38 to Rs 16.56. It was followed by Maple Leaf Cement with 16.434 million shares higher by Rs 1.14 to Rs 28.80, Pakgen Power with 13.479 million shares added Re 0.32 to Rs 22.07 and Amtex Limited with 13.145 million shares increased by Re 0.071 to Rs 4.26.