After traversing extensive pressure and relentlessly putting the investors off, the Karachi Stock Exchange (KSE) finally recovered today and witnessed a healthy buying trend, pushing the market 90.35 points higher. According to the market sources, the optimism among the investors prevailed amid the business friendly decisions taken on part of the government in the federal budget announcement.
The confident investors induced buying and pushed the Karachi Stock Exchange benchmark 100-index up by 0.66 percent or 90.35 points. Ahsan Mehanti, Director at Arif Habib Investments Limited Pakistan stated that the stocks closed higher in pre -budget rally at KSE led by oil and cement stocks amid renewed foreign interest and institutional support.
With this positive trend, the market closed at 13,876.97 with a trading volume share of 78.168 million as compared to yesterday’s 13,786.62 points. The market capitalisation increased to Rs 3.552 trillion from Rs 3.527 trillion a day earlier.
He added that the recovery in global commodities on expectations for ease in euro-zone debt crisis speculations amid federal budget announcements due this week played the catalyst’s role in bullish sentiments.
The free-float KSE-30 index also gained 105.37 points to close at 12,056.44 points against the previous 11,951.07 points. D.G.K Cement was the day’s volume leader counting its traded shares at 11.931 million with the opening and closing rates standing at Rs 41.14 and Rs 42.61, followed by Fauji Cement, Engro Corporation, Jahangir Siddiqui Company Limited and Lafarge Pakistan with a turnover of 10.491 million, 6.183 million, 5.919 million and 4.971 million shares respectively.
Mehanti added that the trade remained thin on cautious activity as extracts of budget speech of finance minister appeared positive for the corporate sector amid hopes for early resolution of NATO supply issue leading to release of US military aid to Pakistan.
On the future market, the turnover down by over 3 million shares to 10.250 million against 13.488 million shares of last working day of the week Friday. The Unilever Pakistan XD and Pakistan State Oil XD, up Rs 19.13 and Rs 6.14, led highest price gainers while, Unilever Food XD and Colgate Palmolive, down Rs 136.60 and Rs 47.51 respectively, led the losers.
