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KSE gains 150pts or 0.43% to close at all time high 34826.51pts

KSE gains 150pts or 0.43% to close at all time high 34826.51pts

KARACHI: The Karachi Stock Exchange benchmark 100-index gained 150.20 points or 0.43 percent to reach 34826.51 points and volume of 234,971,620 shares on Tuesday.

The benchmark KSE-100 Index reversed its early gains till mid day trading on Tuesday and went back to 34685.08 points from all-time high of 34819.79 points when it gained 143.48 or 0.41 percent in early trading of the same day.

Till mid day trading, the index gained 8.77 points or 0.03pc with High and Low of 34844.77 and 34673.50 and total volume of 110,752,200. Experts said that positives are ranging from lower inflation numbers for January to a sharp recovery in the international WTI crude oil prices. The current week in the beginning saw KSE 100-share index adding 232.44 points to close at 34,676.31 points compared to Friday’s 34,443.87 points, also lowest of the session.

Earlier, the Friday’s announcements by Prime Minister for one percent rate-cut in the corporate tax and the downward revision, by 1.5 percent, of banks’ exports financing rates were other positives for investor sentiments.

The High and Low were 34844.80 and 34632.24 points with total trade volume of 201,105,600.

However, average trading volumes last week decreased by 1.3pc WoW to 298m shares/day because of deteriorating law and order in the city, while net foreign buying clocked in at $3.3m agains last week’s net buying of $1.7m.

The High and Low were 34733.27 and 34443.87 respectively while the total volume traded was 234,971,620.

Despite weak earnings in fertilizer and oil sector this quarter, decline in local petroleum prices, expectations of lower CPI inflation data for Jan’15 and renewed foreign interest in blue-chip stocks kept the index bullish. Going forward, we expect the market to continue to its bullish momentum.