KARACHI: The stock market began the New Year in the green as the benchmark KSE 100 index closed at 41,400 points.
The upward trajectory on the first day of the opening month is being attributed to increased euphoria and optimism over a positive economic outlook. The KSE 100 index opened at 40,767.93 point and gained 664.92 (1.63%) during intra-day trading.
There was no negative outlook seen in market today. The bourse reached the highest point at 41,544.05 points and the lowest at 40,735.08 before market was suspended. The total volume of scripts was Rs238.026 million worth Rs6.227 billion.
Meanwhile, the KSE 30 index also witnessed upwards gains closing at 18,997.91 points after gaining 341.43 (1.83%). The total volume of scripts was 55.169 million.
The past week saw gains on the stock market being erased by investors turning to profit taking, but the market today continued in the green today. There has been a positive outlook over the economic front as the rupee is stabilising against the dollar and the market is expecting increase in foreign investment.
This benefit companies as stock share prices increase. The top active stocks were K-Electric (8.92%), Unity (4.47%), Fauji Foods (6.77%), followed by AVN (4.69%), TRG (4.97%), PAEL (4.29%) and Bank of Punjab (3.53%). There was also an increased investment in textile and spinning sector industries.
Yesterday, the stock market fell flat as the KSE 100 index shed 152 points as bears dominated in intra-day trading. The KSE 100 index has decreased by 152.54 points (-0.37%) to close at 40,735.08 points.
A day earlier the stock market fell flat and nudged forward by only 39.09 points to close at 40, 887.62 points. The market succumbed to selling pressure from investors and profit booking by foreigners sending the index spiraling down.
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