The Karachi Stock Exchange (KSE) scaled fresh all-time peak on Monday as hopes of release of IMF loan installment and government’s decision to cancel sale of its 10 per cent shares in Oil and Gas Development Company (OGDC) lured investors with fresh buying.
The benchmark KSE 100-Index jumped by 1.14 per cent or 351.79 points to 31,281.83 points on Monday when compared with 30,930.04 points recorded on Friday.
The KSE All Share Index surged by 1.51 per cent or 343.55 points to 23,037.70 points, the KSE 30-Index augmented by 1.12 per cent or 227.08 points to 20,555.4 points, whereas the KMI 30-Index ballooned by 1.32 per cent or 654.16 points to 50,218.98 points.
During Monday’s trading session, the key index touched an all- time intraday high of 31,395.01 points as against an intraday low of 30,930.04 points.
Market rallied on the news of likely release of two IMF loan tranches in December while the oil giant OGDC closed 5 percent up as short covering in the scrip after government cancelled its offer to sell part of its shares.
Investors’ interest also remained focused in textile and cement stocks after reduction in electricity tariff and declining interest rates.
Market volumes improved by 55.614 million shares to 330.164 million shares on Monday as against 274.550 million shares posted Friday, the capitalization swelled by Rs 108.149 billion to Rs 7.265 trillion, whereas the trading value bolstered by Rs 2.858 billion to Rs 16.099 billion.
Among 419 active scrips on Monday, prices of 253 issues advanced, 143 declined, whereas values of 23 other companies stayed unchanged at previous week’s levels.