Post-Eid bonus: Karachi stocks cross all-time record high 36,000 points

BY REUTERS

KARACHI: The Karachi Stock Exchange on Wednesday closed at an all-time high with its 100 index closing above 36,000 points for the first time as the market reopened after the long festival weekend of Eidul Fitr and investors took fresh positions in chemical stocks in anticipation of better earnings.

The benchmark 100-share index of the KSE ended up 0.47 per cent, or 169.02 points, at an all-time high close of 36,056.68.

Traded volume rose 3 per cent to 621 million shares, while traded value increased by 17 per cent to 16.5 billion rupees.

“Investors took fresh positions in chemical stocks and renewed interest was seen in banking stocks with several closing at their upper limits,” said Mohammad Rizwan, vice-president at Topline Securities Pvt Ltd.

Arif Habib Corp Ltd rose 4.99pc, while Engro Corp Ltd, Engro Fertilizers Ltd and Fatima Fertilizer Co Ltd gained 1.89pc, 1.16pc and 4.35pc respectively.

Banking stocks also showed an upward trend, with Allied Bank Ltd, Bank Alfalah Ltd and National Bank of Pakistan all rising 5pc.

The rupee, however, weakened to 101.84/101.94 against the dollar, compared with the previous close of 101.80/101.87.

Overnight rates in the money market fell to 6.50pc from previous session’s 7pc.

News courtesy: DAWN
Read more » http://www.dawn.com/news/1195672/karachi-stocks-cross-36000-points-at-all-time-record-high

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