Stock achieves fresh all-time peak ahead of results

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KARACHI, Jul 15: Karachi Stock Exchange scampered to a fresh all-time historic high on Wednesday as investors pinned their hopes on the upcoming financial results season which was also reflected in health turnovers.
The benchmark KSE 100-Index surged by 0.71 percent or 252.86 points to 35,699.75 points on Wednesday when compared with 35,446. 89 points recorded on Tuesday.
The KSE All Share Index gained 0.61 percent or 150.66 points to 24,761.57 points, the KSE 30-Index ballooned by 0.73 percent or 160.81 points to 22,246.46 points, whereas the KMI 30-Index increased by 0.46 percent or 271.10 points to 59,370.57 points.
During Wednesday’s trading session, the key index touched an intraday high of 35,722.76 points as against an intraday low of 35, 430.82 points.
On expectations of better corporate results, investors took fresh position in index heavyweight sector like banks and oils. Habib Bank Ltd, MCB Bank, Pakistan Petroleum Ltd and Oil and Gas Development Company augmented by 2.09 percent, 0.92 percent, 1.66 percent and 0.56 percent, respectively.
Nepra proposed electricity tariff cut on account of fuel adjustment which had a positive impact on textile sector which remained in limelight.
SSGC and SNGP continued their positive momentum for the second consecutive day as both stocks closed at their upper circuit.
Market volumes expanded by 32.14 percent or 134.138 million shares to 551.538 million shares on Wednesday as against 417.399 million shares posted on Tuesday, the capitalization improved by 0. 61 percent or 46.567 billion rupees to 7.648 trillion rupees, whereas the trading value swelled by 7.97 percent or 1.196 billion rupees to 16.205 billion rupees.
Among 380 active scrips on Wednesday, prices of 256 advanced, 105 depleted, whereas values of 19 other companies stayed unchanged.
Lotte Chemical Pakistan Ltd, Dewan Salman, and Pakistan International Bulk Terminal Ltd were the top traded companies with turnovers of 60.948 million shares, 31.343 million shares, and 31.096 million shares, respectively.
Unilever Foods was the top price gainer with increment of 395 rupees to 8,595 rupees while on the flip side Bata Pakistan led the major price shedders with decrement of 100 rupees to 3,550 rupees.

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