Karachi Stock ends bullish ahead of monetary policy

Pakistan's Karachi Stock Exchange (KSE) returned to bullish ways on Friday as investors anticipated a rate cut in the upcoming monetary policy statement, to be announced Saturday, and went on a shopping spree in cement and textile stocks. The benchmark KSE 100-Index gained 0.15 percent, or 41.35 points, to 27,124.47 points Friday, as against 27,083.12 points recorded Thursday. During the week ending on March 14, the key index increased by 232.24 points with three out of five trading sessions ending in the green zone. The KSE All Share Index surged 0.31 percent or 61.68 points from previous close to 20,195.28 points, the KSE 30-Index swelled 0.09 percent or 17.11 points to 19,579.43 points, whereas the KMI 30-Index edged up 0.43 percent or 195.82 points to 45,588.55 points. During Friday's trading session, the key index hit an intraday high of 27,199.12 points, as against an intraday low of 27,064.70 points. In anticipation of monetary easing in Saturday's monetary policy announcement, cement and textile stocks rallied while profit-taking was witnessed in banking sector. Renewed interest was also seen in oil stocks where Pakistan Petroleum Limited gained 2 percent while Pakistan Oilfields Limited inched up by 1 percent. Trading volume reduced by 17.12 million shares to 267.15 million shares, turnover dipped by 261.92 million rupees (2.62 million U.S. dollars) to 8.94 billion rupees (89.46 million U.S. dollars), whilst market capitalization rose by 15.26 billion rupees (152.64 million U.S. dollars) to 6.55 trillion rupees (65. 52 billion U.S. dollars). During the week ended Friday, the market recorded a total trading volume of 1.41 billion shares, with daily volume averaging 282.9 million shares. Among Friday's 371 active scrips, prices of 197 issues advanced, 156 declined, whereas 18 others stayed unchanged. Bank of Punjab, TRG Pakistan Limited and K-Electric Limited were most heavily traded with a volume of 38.39 million shares, 32. 41 million shares, and 12.98 million shares, respectively. Wyeth Pakistan Limited was the top price gainer, rising 133.71 rupees (1.33 U.S. dollars) to 4,500 rupees (45 U.S. dollars), while Nestle Pakistan led the losers by falling 100 rupees (1 U.S. dollar) to 8,750 rupees (87.5 U.S. dollars).