Bulls gave the new PM their own guard of honour, as they went off their rockers en route to lifting the index by 130 points. Fall in global stocks and commodities clamoured for the bears, but they were firmly trapped inside the red rag
After being in the closet for the past couple of days, bulls arrived with venom at the local stock market on the last working day of the week. KSE 100 index closed with a total gain of 0.96 percent. Karachi stock market benchmark KSE-100 share index increased 130.22 points or 0.96 percent to finish the day at 13,730.82 points as compared to the 13,600.60 points of Thursday. The bulls paraded amid higher trades on speculations ahead of announcement for new Prime Minister, Ahsan Mehanti Director at Arif Habib Investments Limited, observed.
KSE-All share index gained 92.14 points or 0.96 percent to close the day at 9,670.12 points, KSE-30 share index added 120.03 points or 1.02 percent to end the trading session at 11,866.54 points, while KMI-30 share index was lifted up by 236.27 points or 1.00 percent to terminate the day at 23,765.10.03 levels. The intraday high and low, respectively, stood at 13, 759.50 and 13,536.48 points. The market capitalisation grew modestly and increased to Rs 3.504 trillion from Rs 3.470 trillion a day earlier. Mehanti said the expectations on improvement in Pak-US ties after positive statements by US Secretary of State played the catalyst’s role in bullish sentiments at KSE despite concerns for fall in global stocks and commodities, security situation in the city and prevailing political uncertainty.
Stock market traded 84.863 million shares after opening at 57.159 million shares. Activity took place in 353 stocks where gainers outnumbered the losers 167 to 77 while the values of 109 companies not changed. Active list was gained topped by DGK Cement with 7.363 million shares to close at Rs 40.16. IGI Investment Bank was on the second position with 7.058 million shares to stop at Rs 2.25. It was followed by Bank Al-Falah with 6.631 million shares, Lucky Cement with 5.020 million shares to stop at Rs 114.32 and Jahangir Siddiqui Company with 4.432 million shares to end at Rs 13.17.
The Siemens Pakistan and Indus Dyeing XD, which were the biggest price gainers of the day, increased by Rs 14.87 and Rs 9.18 while the top losers were led by the Nestle Pakistan Limited and UniLever Pak Ltd down Rs 23.73 and Rs 17.43 respectively.
