The bulls kept dominating Karachi stocks market on Tuesday with benchmark, KSE 100-share index skyrocketing to 13,303 points and gaining 225.61 points.
The day saw the index closing up by 1.73 percent at 13,303.33 points against 13,077.72 points of Monday. KSE100 index witnessed a sharp bounce back of 225pts from a crucial. The market needs strong turnover for continue upsurge, said Abdul Azeem, an analyst at InvestCap. On Tuesday, the trading volumes at the ready-counter were recorded lower at 247.813 million shares against 256.860 million shares of the previous day. The trading value too surged to Rs 5.140 billion compared to Rs 4.528 billion of the previous session. The intraday high and low, respectively, stood at 13,320.16 and 13,046.79 points.
He added that support level of 13,043pts. A strong buying interest from the investors supported the market. The market capitalization grew modestly and increased to Rs 3.428 trillion from Rs 3.381 trillion a day earlier. Of the total 362 traded scrips, 175 gained, 98 lost and 89 finished as unchanged.
Azeem said, “The index climbing above the pivot will reflect follow through buying which could help the index to further gain towards 13,500pts levels.”
The free-float KSE-30 index also gained 183.23 points to close at 11,740.43 points against the previous 11,557.20 points. Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 43.532 million with the opening and closing rates,
respectively, standing at Rs 17.39 and Rs 17.96. On the future market, the turnover increased remarkably by over 6 million shares to 13.410 million against 11.109 million shares of Monday.
The UniLever Pakistan Limited XD and Nestle Pakistan XD, up Rs 269.78 and Rs 180.44, led highest price gainers while, Unilever Food XD and Pak Gum & Chem SPOT, down Rs 79.50 and Rs 2.86 respectively, led the losers.-
