On Wednesday, the bulls kept dominating Karachi stocks market with the benchmark, KSE 100-share index skyrocket 99.63 points. Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed higher amid trading in narrow range as investors speculate on favorable federal budget announcements for corporate sector. The day saw the index closing up by 0.69 percent at 14,613.59 points against 14,513.96 points of Tuesday. The trading volumes at the ready-counter were recorded higher at 318.885 million shares against 226.218 million shares of the previous day. The trading value was up to Rs 9.991 billion compared to Rs 9.628 billion of the previous session. The intraday high and low, respectively, stood at 14643.88 and 14513.96 points. He added that the Investor interest in blue-chip stocks in oversold fertilizer, cement, telecom sectors witnessed despite major fall in global stocks and commodities on uncertain future of Euro zone debt crises. The market capitalization grew modestly and increased to Rs 3.732 trillion from Rs 3.705 trillion a day earlier. Of the total 387 traded scrips, 199 gained, 129 lost and 59 finished as unchanged. The free-float KSE-30 index also gained 73.08 points to close at 12,746.43 points against the previous 12,673.35 points. The KSE all-share index closed with a gained of 74.67 points to 10,251.17 points as against 10,176.50 points. Azeem stated that Positive outlook for urea sales, higher cotton yields data and expected double digit rise in PSDP allocations in federal budget played a catalyst role in bullish sentiments at KSE. P.T.C.L.A was the day’s volume leader counting its traded shares at 47.264 million with the opening and closing rates standing at Rs 16.05 and Rs 16.20, followed by Lotte Pakistan PTA, D.G.K. Cement, Jahangir Siddiqui Company and Bank Al-Habib with turnover of 38.610 million, 25.254 million, 22.052 million and 16.474 million shares respectively. On the future market, the turnover recovered remarkably by over 4 million shares to 23.241 million against 19.214 million shares of Tuesday. The Unilever Food and Rafhan Maize SPOT, up Rs 148.95 and Rs 145.00, led highest price gainers while, Siemens Pakistan and Indus Dyeing, down Rs 33.40 and Rs 21.81 respectively, led the losers.
