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

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.

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Comments (10) Closed

Usman

Jul 22, 2015 06:27pm

Congrats!

Recommend 0

Ali Gee

Jul 22, 2015 06:35pm

Pakistan is turning the corner and its the right time to invest in Pakistan

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Gourishankar

Jul 22, 2015 08:16pm

Pakistan is a 'frontier' market which implies that it is less developed, less liquid, and less stable than the emerging markets. Frontier markets are those hoping to someday graduate to emerging-markets status, as Qatar and the United Arab Emirates did last year. They can either produce exceptionally good returns or devastating losses. Many refer to them as “pre-emerging.” Brazil and China were considered under the same category during 1990s. Pakistan and its markets have decent long-term prospects, thanks to a young energetic labor force, increased trade and infrastructure projects with China, and a move toward privatization. Only thing that they have make to make sure that their economic prospects are not dented by energy crisis due to mismanagement.

Recommend 0

Truth

Jul 22, 2015 08:29pm

I wish the Government good luck in achieving this year's targets. Hope no political instability happen this year. We are slowly but surely heading the right path.

Recommend 0

Usman

Jul 22, 2015 09:40pm

Thanks to security and rangers, respect

Recommend 0

Aurangzeb

Jul 23, 2015 12:02am

All hype!!!!

Recommend 0

euro

Jul 23, 2015 01:31am

Thats a new world record, no bourse can reach such high values.

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Shuaib

Jul 23, 2015 04:53am

@Gourishankar That isn't entirely correct.

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Dara Singh

Jul 23, 2015 05:15am

Capitalism is bound to fail. To much money and lop sided growth.

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Gourishankar

Jul 23, 2015 03:05pm

@Shuaib Some of the risks investors face in these frontier markets are political instability, poor liquidity, inadequate regulation, substandard financial reporting and large currency flucuations. Having said that Pakistan can potentially be a developed country with certain conditions of course. A couple of ways this can be achieved would be micro financing and tax breaks to small and medium scale industries. In fact the government should even consider a tax holiday for the first couple of years for such industries. One major sector that Pakistan can take advantage of is the IT Service sector. Pakistan has a significantly large English speaking population. The government must seriously consider scaling up investments in Engineering colleges around the country. This is one sector that Pakistan can seriously compete with India on a global level.

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