Various frontline and mid-tier stocks witnessed renewed buying interest despite technical correction amid corporate profit taking in fertiliser sector. This was largely due to reconciliations among political parties which eased the tension in the market.
Although the turnover failed to match the sentiment, the resident participants mainly on anticipation of renewed buying by local corporate participants from government treasuries stayed as the major buyers. While high net worth participants followed the pursuit with index heavy weights allowing the benchmark to sustain green numbers across the board.
Short covering, speculative buying and change of hand led increase in turnover allowed the day to end on impressive numbers.
The KSE 100 index closed at 12,416.12 levels with a gain of 97.88 points and total volume stood at 75,877,675 along with the total value of 5,209,841,071. KSE 30 index gained 24.11 points to close at 11,855.36 levels and All Share index closed at 8,606.21 levels after gaining 65.28 points. Total 189 scrips advanced 126 declined and 26 remained unchanged out of total 341 scrips traded.
Reservations regarding release of remaining tranches by IMF and cold ties with US along with unresolved circular debt and curtailed local strength disallowed follow-up support. However, equity specific funds continued to search for both short and long term opportunities, while the activity was dominated by the syndicate of both retail and corporate participants. Hasnain Asghar Ali at Aziz Fidahusein said ‘that aution stays the call with dips to be awaited for accumulating frontline stocks.
