Trading volume at the Karachi stock market hit a new record on Friday, climbing to 553 million shares by the time the benchmark index closed for the week.
“Stocks closed bullish, lead by second and third tier scrips on strong valuations,” viewed Ashen Mehanti of Arif Habib Securities.
The KSE 100-share index closed at 13,352.74 points against 13,271.39 points of the previous day. The index climbed to the intraday high of 13,425.65 points before sliding to the intraday low of 13,271.39 points.
“The investors’ hopes for reformed CGT regime implementation from April 1, higher global commodities and stocks played a catalyst role in bullish sentiments post major earning announcements at KSE,” said Mehanti.
The total traded shares jumped to the record high of 552.793 million shares against Thursday’s 358.177 million shares. The trading value also climbed to Rs7.11 billion from Rs5.884 billion of the previous session.
“Exchange volumes hit record high on renewed foreign interest, recovery in global stocks and commodities on developments in Greece crucial debt swap, resumption of gas supplies in fertiliser sector, easing circular debt concerns in power sector after expectations for increase in Discos electricity tariff,” viewed analyst Mehanti.
Market capital remained up and was recorded at Rs3.472 trillion against Rs3.448 trillion from the last trading day. In total 367 scrips were traded of which 205 gained, 108 lost while 54 remained unchanged.
The turnover in future contracts rose to 15 millions shares from 13 million of Thursday.
NIB Bank Limited was the volume leader as its traded shares were accounted at 86.580 million each priced at Rs1.89 in the opening and Rs2.85 in the closing.
