More foreign inflows help KSE cross 9,000 barrier

KARACHI - The KSE 100-index crossed the 9,000 psychological barrier with healthy volumes on the last trading
day of the week as foreign investment continued to flow in blue-chip stocks while the benchmark gained massive
185 points on Friday.
Intense buying was witnessed at the local bourse as foreign investment continues to flow in oil, banks and
fertilizer sectors. While retail/institutional investors took positions in blue chips on back of support from foreign
investors.
Rise in cement prices, continuation of rebates on export refinance rates for textile sector, positive earnings
outlook in oil exploration companies, rise in production/discoveries in oil exploration sector, phased resolution of
circular debt issue played a catalyst role in positive activity at KSE, stated analyst Ahsan Mehanti at Shehzad
Chamdia Securities. The KSE 100-index kicked-off the day adding 8.38 points and at the end of the day closed
at 9,002.67 points with a gain of 185.07 points. Meanwhile, KSE-30 index closed at 9,651.15 points with a gain
of 186.96 points. KMI-30 index closed at 13084.33 with a gain of 267.52 points.
Trading activity fell below 200m shares mark as the ready market volume squeezed to 197.163m shares as
compared to last trading sessions 229.959m shares. Total trading value of the market remained Rs 12.14b
against Rs 11.44b of last session.
Over the last few days it is the positive foreign inflow towards the market, which accelerated the index and
improves the market performance. Remember crossing the 8,000 height was quite challenging and how much
resistance index faced during that phase, said market expert Bilal Asif.
After achieving the 8,000 level, market witnessed an unprecedented bull-run fueled by result announcements and
especially the foreign investment inflow played a crucial role in achieve the 9,000 level.
On August 27, 2008 the index was around 9,100 points when the index was frozen. But after almost a year
market is able to achieve the same level. Whether any one believes it or not, its all about the fundamental of
stocks and economy that rules the game, Bilal added.
Market capitalisation dramatically increased to Rs 2.622tr as compared to last trading sessions Rs 2.572tr,
showing a solid increase of Rs 50b in just one day. Out of 377 active traded symbols at the KSE, 226 advanced,
129 declined and the value of the shares of 22 cos remained unchanged.
OGDC is in no mood of stopping as it ramp to the occasion with the upper cap. Mostly top ten stocks remained
in green as bull is in no mood to give anybody any chance to dominate the market. Banking sector also
supported the bull. Once again KSE is likely to become one of the best performing market of the world in terms
of gains. DGKC was crowned as the volume leader of the day with the trading of 18.046m shares, followed by
OGDC with 15.205m shares, NBP 12.899m shares, ANL 11.585m shares, Bank Al-Falah 10.417m shares,
AHSL 9.593m shares, Pak Oilfields 9.140m shares, Engro Chemical 7.438m shares, NML 6.882m shares,
JSCL 6.568m shares namely.
Leading gainers at the exchange include Bata Pak, up by Rs42.80/share to close at Rs898.80, Fazal Textile
added Rs18.15/share, closing at Rs472.15, Pak Services gained Rs11.70/share and its value was improved to
Rs245.70 with the trading of only 1 share, ICI Pak up by Rs8.37/share to close at Rs175.87, Exide Pak added
Rs7.75/share and closed at Rs167.75.
On the other hand, Colgate Palm lost Rs3.86/share to close at Rs282.19, Hinopak Motors down by
Rs3.06/share and its total value was decreased to Rs144.94, Quetta Textile lost Rs2.15/share and closed at
Rs41.50, Unilever Pak down by Rs2/share and closed at Rs2,200, Bestway Chemical lost Rs1.50/share to
close at Rs28.50.