Karachi Stock smashes past landmark 29k-barrier

Pakistan's Karachi Stock Exchange (KSE) achieved the historic 29,000 points for the first time ever on Thursday as the key index jumped over 300 points to close above 29,200 points with turnovers hitting an eight-month high in value terms. The benchmark KSE 100-Index augmented by 1.07 percent or 309.53 points to 29,250.54 points Thursday as against 28,941.01 points posted Wednesday. The KSE All Share Index gained 0.89 percent or 193.06 points to 21,839.62 points, the KSE 30-Index increased by 0.92 percent or 187.68 points to 20,570.64 points, whereas the KMI 30-Index jacked up by 0.78 percent or 366.87 points to 47,316.66 points. During Thursday's trading session, the key index touched an all- time intraday peak of 29,276.24 points as against an intraday low of 28,941.01 points. Continued rally kept market in bullish zone as continued healthy foreign flows and Pakistani rupee strengthening kept interest in Oil Marketing Companies (OMCs), pharmaceuticals and auto sectors alive. Volumes rose to 8-month high as renewed interest was seen in Pakistan State Oil, Engro Corporation, and National Bank of Pakistan while mid-cap stocks led the volumes. Market volumes swelled by 40.892 million shares to 350.367 million shares, capitalization increased by 61.302 billion rupees (613.022 million U.S. dollars) to 7.029 trillion rupees (70.296 billion U.S. dollars), whereas trading value advanced by 4.349 billion rupees (43.495 million U.S. dollars) to 15.765 billion rupees (157.657 million U.S. dollars). As per the figures released by the National Clearing Company of Pakistan Limited (NCCPL), the foreign investors did net buying of 4.867 billion rupees (48.67 million U.S. dollars) from April 1-9, 2014 as against net selling of 515.391 million rupees (5.202 million U.S. dollars) during March, 2014. Among 387 active companies on Thursday, 193 gained, 167 declined, whereas prices of 27 other issues stayed unchanged. Lafarge Pakistan Limited, Pakistan Elektron Limited, and Pace Pakistan Limited were the top traded companies with turnovers of 59.737 million shares, 20.939 million shares, and 15.908 million shares, respectively. Bata Pakistan was the top price gainer with increment of 68.87 rupees (68.87 U.S. cents) to 3,069.37 rupees (30.69 U.S. dollars) while Rafhan Maize XD was the major price decliners with decrement of 150 rupees (1.5 U.S. dollars) to 9,350 rupees (93.50 U.S. dollars).