Pakistan stocks closed bullish on foreign interest and institutional support in oversold market on positive statements by US senator amid hopes for improvement in Pak-US relations as talks continue over resumption of Nato supply lines. This was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited.
The Karachi Stock Exchange-KSE benchmark 100-share index went up by 287.31 points on Thursday and ended the session at 13,656.20 points. The KMI-30 index gained 478.91 points as market closed at the level of 23,636.51 points on Thursday as against 23,157.60 points, the closing figure of the previous session. The trading session remained positive as index witnessed volumes of 114.327 million shares on Thursday against 77.658 million shares traded in the previous session.
The trading value increased to Rs 4.303 billion compared to Rs 3.464 billion of the previous session. The intraday high and low, respectively, stood at 13, 689.31 and 13,368.89 points.
Mehanti added that the World Bank forecast on firm recovery in Pak Economic growth, EU trade concessions on Pak exports played a catalyst role in bullish sentiments in stocks across the board despite concerns for fall in global stocks and commodities.
The market capitalization grew modestly and increased to Rs 3.615 trillion from Rs 3.574 trillion a day earlier. Of the total 379 traded scrips, 234 gained, 88 lost and 57 finished as unchanged.
The free-float KSE-30 index also gained 300.97 points to close at 11,800.47 points against the previous 11,499.50 points. The KSE all-share index closed with a gained of 196.21 points to 9,618.54 points as against 9,422.33 points.
P.T.C.L.A was the day’s volume leader counting its traded shares at 16.452 million with the opening and closing rates standing at Rs 13.84 and Rs 14.60, followed by D.G.K Cement, Lucky Cement, Jahangir Siddiqui Company, Engro Corporation and Hub Power Company with turnover of 8.252 million, 7.053 million, 6.639 million and 5.243 million shares respectively.
On the future market, the turnover recovered remarkably by over three million shares to 12.949 million against 9.673 million shares of pervious day. The Rafhan Maize Prod and Colgate Palmolive, up Rs 123.38 and Rs 24.99, led highest price gainers while, Nestle Pakistan Limited and Mehmood Tex, down Rs 34.41 and Rs 2.26 respectively, led the losers.
