$1.12bn worth of optimism


Pakistan’s main stock market closed northwards on Tuesday. The Pakistan Stocks closed higher amid institutional interest in oversold market. Investors took positions in stocks across the board as Pakistan, US sign NATO supply agreement amid hopes for release of $1.12bn payment from US against services to coalition forces, analysts said.
The Karachi Stock Exchange benchmark 100-share index gained 65.46 points, or 0.45 percent, to close at 14, 577.00 points on volume of 77.797 million shares.
The trading volumes at the ready-counter were recorded lower at 77.797 million shares against 81.835 million shares of the previous day. The trading value down to Rs 3.076 billion compared to Rs 3.152 billion of the last day session. The intraday high and low, respectively, stood at 14, 598.56 and 14, 511.54 points.
He added that the strong earnings outlook, expected rise in local POL prices and renewed foreign interest in blue chip stocks played the catalyst’s role in bullish sentiments in stocks at KSE despite concerns for macroeconomic conditions and uncertain global markets.
The market capitalisation grew modestly and increased to Rs 3.724 trillion from Rs 3.707 trillion a day earlier. Of the total 284 traded scrips, 158 gained, 100 lost and 26 finished as unchanged.
The free-float KSE-30 index also gained 39.79 points to close at 12, 607.26 points against the previous 12, 567.47 points. The KSE all-share index closed with a gained of 46.71 points to 10, 264.58 points as against 10, 217.87 points.
Arif Habib Corporation was the day’s volume leader counting its traded shares at 9.741 million with the opening and closing rates standing at Rs 33.70 and Rs 33.00, followed by Bank Al-Falah, D.G.K. Cement, National Bank of Pakistan and Fauji Cement with the turnover of 6.221 million, 5.731 million, 5.403 million and 4.928 million shares respectively.
On the future market, the turnover remained negative to 7.058 million against 7.608 million shares of first working day of the week Monday.
The UniLever Food and Colgate Palmolive, up Rs 141.25 and Rs 56.76, led highest price gainers while, Abbott Laboratories and J.D.W Sugar, down Rs 4.22 and Rs 4.05 respectively, led the losers.