Karachi stock exchange starts bullish after week long holidays

Equities at Pakistan's Karachi Stock Exchange (KSE) started the fresh week on a bullish note on Monday after a week-long holidays of Eid-ul-Adha celebrations as improved global stock markets and expectations of strong September result season injected confidence among the investors. The benchmark KSE 100-Index surged by 0.72 percent or 155.17 points to close at 21,754.95 points on Monday as against 21,599.78 points recorded on last Monday. The KSE All Share Index gained 0.46 percent or 72.11 points to end at 15,812.68 points, the KSE 30-Index increased by 0.8 percent or 130.3 points to conclude at 16,421.13 points, whereas the KMI 30-Index jumped by 0.74 percent or 270.53 points to finish the day at 37,038.85 points on Monday. The Karachi Stock Exchange started the fresh week amid bullish moves on Monday morning where the main index jumped above 21,900 points right at the start and soon it went on to hit the intraday highest level of 21,979.76. The main index, after hitting the intraday highest point, shed some of its initial gains and reduced with limited value above 21, 700 points. Investors took the optimism from the peaceful Eid holidays while hopes of robust result season amid improved global markets also helped the market to gain 0.7 percent. Investors are also optimistic of Prime Minister Mian Nawaz Sharif's four-day visit to the United States. Bullish sentiment was witnessed in cement sector after Fauji Cement's better than expected September EPS announcement of 0.44 rupees. FCCL gained 9 percent up with 14 million shares exchanged hands. National Refineries closed 4.5 percent down after earnings announcement of 2.52 rupees while Attock Petroleum earnings of 16. 17 rupees were way better than investors' expectations. The market volumes improved by 74.513 million shares to 136.49 million shares, the market capitalization swelled by 19.711 billion rupees (187.727 million U.S. dollars) to 5.174 trillion rupees (49.281 billion dollars) while the KSE trading value gained by 1.922 billion rupees (18.311 million dollars) to 3.979 billion rupees (37.901 billion dollars) on Monday. In broader market, a total of 314 companies changed hands during the course of trading on Monday where prices of 174 issues advanced, 119 declined, whereas values of 21 other scrips stayed unchanged at previous day's levels. Askari Bank(R) SPOT was the top traded company of the day with trading of 20.456 million shares, followed by Fauji CementXD and Pak Elektron(R) SPOT with turnovers of 14.169 million shares and 12.154 million shares, respectively. Nestle Pakistan was the top price gainer of the day with increment of 50 rupees (47.61 U.S. cents) per share to close at 6, 550 rupees (62.38 dollars) while on the other hand Wyeth Pakistan Limited led the major losers with decline of 50 rupees (47.61 cents) to finish at 4,150 rupees (39.52 dollars).