The benchmark index at the Karachi bourse on Tuesday peaked to an all time high on the back of investors’ positive sentiments towards the forthcoming federal budget. The day saw KSE-100 share index gaining a record 583 points to close at a historic high of 21,501.72 points against Monday’s 20,958.86 points. The trading volume skyrocketed to 305 million shares compared to 235 million traded in the previous session. The value of the stakes traded jumped beyond Rs 10.89 billion against Rs 6.7 billion on Monday. Of the total 387 scrips traded, the value of 257 increased, 107 contracted and 23 remained unchanged. The size of market capital swelled beyond Rs 5.22 trillion compared to the last session’s Rs 5.10 trillion. The free-floating KSE-30 index also witnessed a gain of 501 points closing at 16,729.40 points. “The stocks closed all time high in the pre budget rally at KSE amid hopes for relief to stock market and corporate sector,” said Ahsen Mehanti of Arif Habib Corporation. The senior equity analyst said institutional interest was witnessed in stocks across the board amid higher trades in the market. “Renewed foreign interest in blue chip stocks, rise in urea data, rising local cement and urea prices and speculations ahead of $15 billion Saudi bailout package to ease circular debt issues in Pakistan energy sector which will likely avoid an IMF package, played a catalyst’s role in bullish sentiments at KSE,” he added. This, the analyst said, was despite concerns of prolonged power outages in the country impacting the industrial sector adversely.
