Bulls tumble records as index climbs up 26 points

The Karachi stock market finished bullish on Tuesday with trading volumes hitting the record level on the back of what the analysts said investors’ positive sentiments about record corporate earnings announcements.
The day saw the benchmark 100-share index finishing up by 0.21 per cent or gaining 26.55 points to close at 12,544.45 points compared to 12,517.90 points of Monday. “The stocks stayed bullish lead by oil, cement and banking stocks amid record trade volumes as investors speculate on record corporate earnings announcements,” said Ashen Mehanti, a director at Arif Habib Securities.
The day saw the trading volumes at the ready-counter peaking to record level of 332.473 million shares as against 232.851 million shares of the previous day.
The trading value also remained in the green zone and surged to R 6.681 billion against Rs4.628 billion of the last session. The intraday high and low were, respectively, counted at 12,606.22 and 12,475.67 points.
The market capitalisation grew to Rs3.273 trillion against Rs3.264 trillion the bourse had witnessed on Monday. Of the total 343 traded scrips, 166 gained, 101 lost and 76 remained unchanged.
The free-float KSE-30 index also gained 16.40 points and closed at 11,689.62 points against 11,673.22 points of the previous day. Jahangir Siddique Company continued to remain on the top and counted its traded shares at 42.908 million with the opening and closing rates, respectively, standing at Rs10.39 and Rs10.24. On the future market, the turnover registered a remarkable increase and surged to Rs17.319 million shares against Rs10.092 million shares last session. “Easing political outlook, higher global commodities after Iran cutoff oil exports to Britain and France, recovery in global stocks on Greece debt deal and renewed foreign interest in Pakistan bourse played a catalyst role in bullish sentiments at KSE,” said Mehanti. This, the senior analyst said, was despite concerns for state protests lodged against US resolution on Balochistan rights on self determination.