The index was flourishing and moving swiftly towards the 12k level with a volume of over 100m share traded. Urea price hike of Rs200/bag by Engro fueled the fertiliser stocks; hence the major beneficiaries FFC, FFBL and Fatima led today’s booming benchmark performance.
KSE 100 index closed at 11933.28 levels with the gain of 225.03 points, while KSE 30 index bagged 238.75 points to close at 11432.64 levels. All Share index closed at 8269.86 levels after gaining 145.11 points. Total 158 scrips advanced, 133 declined and 85 remain unchanged out of total 376 scrips traded.
Fauji Fertiliser Company, Fauji Fertiliser BinQasim Limited and Fatima within no time kissed the ceiling and remain close to the upper circuit breaker. Performance of the oil sector was fairly impressive with Oil and Gas Development Company, Pakistan Petroleum Limited, Pakistan Oilfields Limited and Pakistan State Oil enjoying the high tide. Banking sector performance was fairly mixed with Allied Bank Limited and National Bank taking the lead while rest of the top tier banks to follow. We believe the index is moving in a fast and furious way, hence preemptive security measures need to be adopted, said Bilal Asif at HMFS.
