The bulls kept dominating Karachi stocks market Wednesday as the ongoing earning announcements by selected blue-chips scrips led by the banks continue to arouse optimism among the investors. The day saw the benchmark 100-share index finishing up by 0.47 per cent or gaining 59.22 points to close at 12,603.67 points compared to 12,544.45 points of Tuesday.
“Stocks closed bullish at KSE lead by banks, selected blue-chip scrips on investor speculations after record earnings in the earning announcements session,” viewed Ashen Mehanti of Arif Habib Securities.
The trading volumes at the ready-counter slid to 272.371 million shares after peaking to record level of 332.473 million shares a day earlier. The trading value also set in red green zone and finished at Rs5.384 billion against Rs6.681 billion of the last session. The index hit the intraday high and low of 12,664.15 and 12,544.45 points, respectively.
The market capitalization grew by Rs13 billion to Rs3.286 trillion from the previous day’s Rs3.273 trillion. Of the total 346 traded scrips, 128 gained, 143 lost and 75 remained unchanged.
The free-float KSE-30 index too finished upward and gained 15.26 points to close at 11,704.88 points against 11,689.62 points of Tuesday. Bank Al-Falah was the day’s volume leader with 26.188 million of its shares traded at Rs13.45 in the opening and Rs13.88 in closing of the market.
The future market also came down in terms of turnover that declined to 13.94 million shares as against Rs17.319 million shares of last session. “Trade remained in narrow range ahead of OGDC earning announcement due tomorrow after reports on government decision on IDB borrowings to repay IMF, easing political outlook, higher global commodities and renewed foreign interest in Pakistan bourse,” said Mehanti.
