US stocks flat in early trade
KARACHI: Buying at attractive levels recalled the bulls back to the Karachi Stock Exchange (KSE) which ended higher with better investor participation.
The benchmark KSE-100 index was up by 793.31 point to close at 28,567.74 points. KSE All Share Index increased by 543.59 to end at 21,014.45, KSE 30-Index higher by 612.40 points to conclude at 19,877.88, whereas KMI 30Index surge by 1,258.64 points to finish the day at 46,494.76 level.
Samar Iqbal, equity dealer at Topline Securities said for the first time in KSE history benchmark KSE-100 index crossed 1000 points mark in intraday trading. On closing basis market rallied 793 points after a gap 6 year on expectations that Army Chief may help resolve ongoing political issue. Across the board rally was seen in all major scrips.
The advance to decline ratio in the broader market remained in favour of bears. Out of 366 scrips, 289 scrips advanced, 54 declined while the value of 23 scrips remained intact.
The ready market volume increased by 62.7 per cent to 187.80 million shares as compared to 115.46 million shares traded on last trading day.
K-Electric Limited topped the list of actives, higher by 1 at Rs 7.71 on 22.58 million shares, followed by Bank of Punjab increased by Rs 0.15 at Rs 8.06 on 14.54 million shares and Lafarge Pakistan up by Rs 0.38 at Rs 15.48 on 10.87 million shares.
Other actives were Pakistan Elektron Limited surge by Rs 0.63 at Rs 29.39 on 8.85 million shares and Maple Leaf Cement, hike by Rs 1.14 at Rs 26.61 on 7.51 million shares.
According to Ahsan Mehanti, director at Corporations, "
Stocks showed strong recovery after PAT, PTI accept Army as mediators, guarantors to end political crises. Strong earning announcements, PC decision on $850m OGDC GDR in midst of political crises, receipt of $371m CSF tranche and Arif Habib expected ease in circular debt on tariff rationalization measures for release of $550m IMF tranche next month played a catalyst role in bullish activity."
The overall market capitalization up by Rs 173.89 billion to Rs 6.726 trillion against Rs 6.553 trillion observed on last trading day.
Rafhan Maize and Bata Pakistan remained the top gainer by Rs 274 and Rs 127 to close at Rs 10,775 and Rs 3,315 respectively, while Exide Pakistan and Sanofi-Aventis were the major loser which lost Rs 46.38 and Rs 34.67 to close at Rs 892.45 and Rs 658.83 respectively. NEW YORK: US stocks traded flat early in Friday's session, holding on to recent gains despite an escalation in Ukraine tensions and a disappointing report on consumer spending in July.
Action remained light at the start of the holiday-lengthened final weekend of the summer.
About 30 minutes into trade, the Dow Jones Industrial Average was down 16.91 points (0.10 percent) to 17,062.66.
The broad-market S&P 500 added 0.49 (0.02 percent) at 1,997.23, while the tech-rich Nasdaq Composite gained 3.68 (0.08 percent) to 4,561.38.
A slight but still surprise fall in consumer spending in July did not dent sentiment, coming after a strong June gain.
The fresh data on consumer spending showed no inflationary pressure; the personal consumption expenditures price index, the Federal Reserve's preferred inflation measure, was up 1.6 percent year-onyear.
Leading stocks were mostly little-changed. Intel led gainers on the Dow, up 0.4 percent, while United Technologies led the losers, down 0.7 percent.
Amid top tech stocks, Oracle and Microsoft both gained 0.5 percent.
Communications and networking electronics maker Avago Technologies surged 8.8 percent , boosted by a thirdquarter revenue and earnings report that handily surpassed forecasts, and an upbeat outlook for the current quarter.
Cloud computing software firm Veeve Systems beat analysts expectations in its secondquarter earnings, sending its shares up 15.7 percent.
Splunk, another company supplying cloud services to business, jumped 14.9 percent as it surpassed second-quarter revenue forecasts, despite a wider overall loss from a year ago.
Bond prices were flat. The yield on the 10-year US Treasury held at 2.34 percent, and the 30-year at 3.08 percent. Bond prices and yields move inversely.-Agencies