KARACHI – The bourse underwent aggressive buying as investor sentiments turned buoyant on news of the leverage product approval by the law ministry. The KSE-100 index hit a 12 month high and managed to accumulate 178 points to close at 12,459 points, while total volumes stood at 209,120,815. Out of total 409 scrips, 215 advanced, 169 declined and 25 remain unchanged. The KSE 30 added 223.66 points and closed at 12238.23 levels, while the all share index added 114.51 points to close at 8652.16 levels.
Volumes demonstrated impressive growth as 229 million shares were traded, up by 60 percent from yesterday. LOTPTA was the volume leader, as international PTA prices touched a new high of $1,325 per tonne. FII’s were rumored buyers in cement and energy scrips, whereas locals were buyers in banking stocks.
Pre-result rally supplemented by rumors regarding approval of MTS by law ministry refueled the bulls as benchmark capitalisation expanded by 1.45 percent. Robust volumes complemented advancements at the local bourse, with a trade of 229 million shares during the day.
LOTPTA drew investor’s attention as healthy results were expected, capturing quarter of the traded volume. The banking sector scrips sustained their upward trend, led by MCB and NBP, on presumption of healthy full year earnings for calendar year 2010. Influential OGDC continued its upward trend, out beating the KSE-100 returns. As highlighted previously, liquidity and renewed risk appetite along with the bullish commodities outlook may drive index further north, however, healthy corrections would be prolong the upward journey, said Habib Metropolitan Senior Investment Analyst Salman Vidhani. The market capitalisation stood at Rs 3,369.54 billion, while KSE future volumes stood at 8.83 million shares. Future value of the bourse was Rs 1,240.31 million, while future spread stood at 5.56 percent.
Speculation of leverage product approval tickles fancy at KSE
