KSE overcomes bear hug to post 88 points gain


On the first working day of the week, the bulls kept dominating the Karachi stock market with the benchmark, KSE 100-share index up by 88.33 points.
Ahsan Mehanti, Director at Arif Habib Investments Limited, said that the Pakistan stocks closed higher on institutional support after global stocks and commodities recover.
The trading volumes at the ready-counter were recorded lower at 79.961 million shares against 109.142 million shares of the previous day.
The trading value was decreased to Rs 3.052 billion compared to Rs 3.792 billion of the last day session. The intraday high and low, respectively, stood at 13,821.21 and 13,665.80 points.
He added that the hopes for improvement in Pak-US ties affected the investor sentiments despite concerns for present judicial crises in the country.
The market capitalization grew modestly and increased to Rs 3.510 trillion from Rs 3.490 trillion a day earlier. Of the total 388 traded scrips, 140 gained, 123 lost and 75 finished as unchanged.
The free-float KSE-30 index also gained 110.33 points to close at 11,897.20 points against the previous 11,786.87 points. The KSE all-share index closed with a gained of 56.87 points to 9,687.35 points as against 9,630.48 points.
According to the Mehanti “mixed views on future economic and political outlook kept investors activity limited”.
Jahangir Siddiqui Company was the day’s volume leader counting its traded shares at 10.508 million with the opening and closing rates standing at Rs 14.20 and Rs 13.40, followed by Fauji Fertilizers Bin, Engro Foods Limited, Bank Al-Falah and National Bank Pakistan with the turnover of .928 million, 4.915 million, 4.909 million and 4.807 million shares respectively.
On the future market, the turnover decreased by over one million shares to 7.127 million against 8.126 million shares of last working day of the week Friday.
The UniLever Food and Indus Dyeing XD, up Rs 102.29 and Rs 17.99, led highest price gainers while, Rafhan Maize Prod and Mitchells Fruit, down Rs 139.85 and Rs 15.14 respectively, led the losers.