Another blazing bull surge as KSE 100-share index skyrockets 254pts

On Wednesday the bulls kept dominating Karachi stocks market with the benchmark, KSE 100-share index skyrocket 254.22 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the stocks closed bullish at KSE amid renewed institutional & foreign interest lead by bluechip oil and banking stocks ahead of quarter end earning announcements due next week.
The day saw the index closing up by 1.86 percent at 13945.30 points against 13,691.08 points of Tuesday. The trading volumes at the ready-counter were recorded higher at 409.301 million shares against 318.143 million shares of the previous day. The trading value too surged to Rs 9.219 billion compared to Rs 6.745 billion of the previous session. The intraday high and low, respectively, stood at 13,955.42 and 13,691.08 points.
He added that the higher global commodities, rising cement prices, expectations for stronger quarterend results, improvement in Pak-US relations played a catalyst role in bullish sentiments at KSE as investor expected early announcements on implementation of revised CGT regime.
The market capitalization grew modestly and increased to Rs 3.575 trillion from Rs 3.511 trillion a day earlier. Of the total 369 traded scrips, 288 gained, 85 lost and 56 finished as unchanged.The free-float KSE-30 index also gained 216.53 points to close at 12,272.53 points against the previous 12,056.00 points. The KSE all-share index closed with a gained of 176.51 points to 9,780.09 points as against 9,603.58 points.
Lafarge Pakistan was the day’s volume leader counting its traded shares at 30.369 million with the opening and closing rates standing at Rs 4.82 and Rs 5.11, followed by Azgard Nine, Jahangir Siddiqui Company, Hub Power Company XD and D.G.K. Cement with turnover of 26.210 million, 25.243 million, 23.349 million and 18.587 million shares respectively. On the future market, the turnover decreased by over 6 million shares to 16.666 million against 22.690 million shares of Tuesday. The Rafhan Maize XD and Bata Pakistan Limited, up Rs 127.00 and Rs 28.68, led highest price gainers while, Wyeth Pakistan Limited XD and Ismail Industries, down Rs 32.71 and Rs 3.86 respectively, led the losers.