In its ever positive reaction to the government’s measures to put the ailing economy back on track, the Karachi Stock Exchange (KSE) on Wednesday hit another all-time high.
Analysts said that official-level approval of a $5.3 billion IMF Extended Fund Facility was the primary stimulus for KSE 100-share index that peaked to a record 22,984.94 points, gaining 263.7 points or 1.16 percent.
Wednesday’s historic jump by the benchmark index was compared to Tuesday’s 22,721.22 points.
“Stocks closed all-time high led by oil, banking and cement stocks on bullish sentiments following IMF approval on $5.3bn Extended Fund Facility and rising international oil prices,” views Ahsen Mehanti, an equity analyst.
Institutional buying witnessed ahead of earning announcements amid hopes for energy deals with China, said Mehanti, who is affiliated as a director with Arif Habib Corporation.
Higher cement sales annual data, foreign interest in blue chip stocks and speculation on early resolutions of circular debt issues in energy sector played a catalyst role in bullish activity at KSE, the analyst said.
The free-float KSE 30 index also rose by 267 point to close at 17,931.32 points against the previous 17,663.93 points.
While the trading turnover set in the red zone and dropped to 338.6 million shares against Tuesday’s 351.2 million, the value of the scrips traded swelled beyond Rs 18 billion as compared to Rs 14.3 billion of the last trading session.
Of the total 369 scrips traded 163 saw the value of their stocks inflated, 188 contracted and 18 unchanged.
The market capital rose to Rs 5.56 trillion from Rs 5.49 trillion of the previous day.
The 10 top performing equities included PIA, NBP, SNGPL, PTCL, KESC, Fauji Cement, Maple Leaf Cement, DG Khan Cement, Engro Corporation and Faysal Bank.
Trading on the future market also was positive growing to 35.9 million shares as against 30.3 million of Tuesday.
