Following the footsteps of global markets, KSE-100 posted substantial gains ahead of Eid holidays with advancement of 166 points. Market participation also witnessed healthy recovery with trading volume of 53 million shares during the day as NBP topped the leader’s board. After today’s recovery, index shed by 9.2 per cent during the month of August and 11.4 per cent on year to date basis. Political unrest and contagion fears amidst global economic downturn kept local bourse under pressure. Today’s pullback was led by oil and gas sector which quickly spilled onto other sector as bargain hunting continued.
The market gained 1.5 per cent in today’s session and closed at 11,071 levels mainly led by buying interest in banking and fertilizer stocks. The KSE 100 index closed at 11,070.08 levels with the gain of 166.70 points, while KSE 30 index gained 155.79 points to close at 10545.99 levels. All Share index closed at 7,693.59 levels after gaining 111.17 points. Total 139 trades advanced 62 declined and 78 remained unchanged out of total 279 scrips traded.
Contrary to general expectations, volumes slightly improved to 53 million shares with National Bank, LOTPTA and Fauji Fertiliser Bin Qasim Limited topping the chart. Muslim Commercial Bank gained 3.7 per cent as the company announced its plan to pursue an ADR in New York. Among the blue chips, AICL announced its first Half 2011 result reporting an Earning Per Share of Rs2.57 and a cash dividend of Rs1 per share. “We reiterate investors to remain cautious with exposure to select stocks,” said, HMFS Senior Investment analyst Salman Vidhani
