Wednesday witnessed a bullish trend on the Karachi stock market where a positive political outlook seemed somehow restoring the investors’ confidence as the government and opposition joined hands to pass the 20th Amendment in the National Assembly. The day saw the benchmark 100-share index moving up by 49.19 percent to finish at 12,311.04 points against 12,261.85 points of Tuesday. “Stocks closed bullish in the earnings announcement session at KSE on positive political outlook after government and opposition joined hands to push National Assembly for interim setup and restoration of law makers,” viewed Ahsan Mehanti, a director at Arif Habib Investments.
The analyst said Trade remained higher amid cautious activity ahead of Supreme Court announcements against PM Gilani NRO implementation verdict. The trading volumes at the ready-counter were recorded higher at 172.08 million shares against the previous 148.203 million shares. The trading value also upped to Rs3.0 billion from the previous Rs2.82 billion. The intraday high and low stood at 12,340.63 and 12,261.85 points.
The market capital increased to Rs3.2 trillion from 3.19 trillion. Of the total 346 traded scrips, 173 gained, 89 lost and 84 remained unchanged. KSE-30 index also set in the green zone gaining 22.11 points to close at 11,489.13 points against 11,467.02 points of the previous session. “Investor support on strong valuations in banks, fertilizer and oil stocks played a catalyst role in bullish sentiments amid speculations ahead of major earnings announcements due this week,” said Mehanti. Jahangir Siddiqui Company maintained its status of the day’s volume leader and counted its traded shares at 29.615 million with the opening and closing rates, respectively, standing at Rs8.52 and Rs9.27. On the future market, the turnover increased to 5.2 million shares from 4.81 million of the previous day.
