Karachi: Stocks showed great progress on the first day of the New Year on Wednesday with the benchmark KSE-100 index with a new all-time high at 25,608.85 points, following stunning rise of 347.71 points. The investors hastened to plough money in stocks all across the board.
The main cause is the cement and textile sectors, where out of 16 listed cement companies 15 closed in the green zone.
Apparently, the local institutional and individual investors were the major participants in the market on Wednesday as foreign fund managers were off on the New Year holidays.
The market volumes jumped by 117 per cent to Rs10.1 billion, representing six month high. At mid-day Consumer Price Index (CPI) numbers were announced for the month of Dec 2013, recorded at 9.18 per cent compared to 10.9 per cent in Nov, which further fueled the bullish fire as the fears of interest rate hike in the upcoming SBP Monetary Policy Statement, subsided.
According to sources, textile and cement companies attracted investors as GSP Plus was being implemented from Jan 1 for textiles.
Cements, oil and textiles were up with better volumes. Oil stocks remained upbeat on higher international crude oil prices and takeover stories surrounded textile stocks.
On the other hand, banking, telecom and fertiliser were slightly up with relatively lower volumes.
Pakistan’s textile exports were set to reach 27 European markets which could lead to a huge 29pc increase in dispatches.