CHI - In a major development, the benchmark KSE 100-index breached the phonological level of 12,000 on Thursday amid strong foreign buying in the scrips of oil & gas, banking and fertilizer sectors across the board.
Moreover, higher banking sector spreads, surge in international oil prices and expectation of strong result announcements by the corporate sector put the Karachi stocks in the green zone on Thursday.
Yesterday, the KSE-100 index ended up at 12,2031.46 levels from the previous closing of 11,886.02 level, adding 145.44 points or 1.22 per cent to the index.
The market statistics showed that KSE market capitalization stood at Rs3, 270.33 billion or $38.08 billion while volumes were registered higher at 140.04 million shares versus 99.79 million shares traded a day earlier.
Ready market value recorded at Rs7.16 billion or $83.35 million, KSE data revealed.
The KSE 30-index up 1.24 per cent to close at 11,588.97 levels with the gain of 141.70 points when compared to the last closing of 11,447.27. KSE future volume accounted for 4.20 million worth shares and its value came at Rs523.62 million, respectively at the stock market.
The top five stock picks were: Lotte Pakistan PTA, National Bank of Pakistan, United Bank Limited and NIB Bank Limited and Bank Al-Falah Limited. Lotte Pakistan yielded Rs17.276 million followed by NBP that showed a turnover of Rs11.194 million. NIB earned Rs7.387 million through the trading of its shares in the market.
According to a market expert, across the board, activity both through local and offshore channels allowed the benchmark to attain yet another milestone of 12,000 levels, main board stocks, mainly banking and oil displayed strength, volumes however failed to match the pace, short term traders however did participate in the rally, horizon stayed restricted, due to a disturbing wider picture.
Various news-flows suggesting mergers and acquisitions in banking sector, latest being interest shown by Chinese concern in acquiring a large cap bank, and anticipation of stock and cash dividends by leading banking stocks despite apprehensions of lower then expected earn in the last quarter results, duly endorsed by the frontline participants of the industry, kept the banking stocks on gaining grounds, expert said.