The KSE-100 index has reached its all-time high level and finally settled at its highest ever record level of 12,663.41 points with net gain of 167.24 points on Thursday on the back of strong fundamentals, political stability and fresh foreign investment at the local equity market.
On the other hand, the junior free float market capitalisation-based KSE-30 index also closed at its all-time highest ever level of 15,864.49 points, up by 280.35 points.
Previously, the KSE-100 index''s all-time high record was 12,512.08 points level which it made on May 4, 2007. The market started on a strong positive note and hit 12,673.84 points intra-day high level which was also a highest ever record of intra-day high for the index.
The market witnessed across the board heavy buying as the ready market volume increased to 332.825 million shares as compared to 222.683 million shares traded a day earlier. The turnover of the futures market also increased to 88.748 million shares against 60.601 million shares previously.
The overall market capitalization surged by Rs 52 billion to Rs 3.694 trillion. Trading took place in 406 scrips out of which 307 scrips closed in positive column and 69 scrips closed in negative column, while the value of 30 scrips remained unchanged.
The Bank of Punjab (BoP) was the star performer of Thursday with 28.197 million shares and the scrip surged by Rs 5.35 to close at Rs 112.35 followed by OGDC which gained Rs 0.35 to close at Rs 121.20 with a total volume of 18.377 million shares.
In the banking stocks, Bank Al Falah, Askari Bank, MCB and NBP surged by Rs 0.75, Rs 2.65, Rs 11.05 and Rs 4.55 to close at Rs 57.45, Rs 94.90, Rs 333.55, and Rs 247.50, respectively. The cement sector also performed well as Lucky Cement and DG Khan Cement increased by Rs 3.15 and Rs 2.25 to close at Rs 104.00 and Rs 99.60, respectively.
In other top 10 volume leaders, Picic gained Rs 3.50 to close at Rs 74.00, WorlCall Telecom surged by Re 1.00 to close at Rs 16.90 while Fauji Fertiliser Bin Qasim increased by Rs 0.30 to close at Rs 37.05. Siemens and Colgate Palmolive gained Rs 81.90 and Rs 17.00 to close at Rs 1720.90 and Rs 427.00 respectively while Arif Habib Securities and Pak Hotels lost Rs 3.65 and Rs 3.45 to close at Rs 281.25 and Rs 79.55 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the US officail''s statement for continuing America''s support for President Pervez Musharraf boosted the investors'' confidence and they took fresh positions. The investors took their interest and made across the board buying.
Foreign investors were also very active and they made fresh buying especially in BoP, MCB, OGDC and FFBL. Improved law and order situation in the city and deferment of strike was another positive sign for investors. Growing oil prices in the international market invited fresh buying in the relevant stocks.
Investors'' expectations that the CFS upper cap is likely to be enhanced to Rs 75 billion very soon and rumour that CVT would be reduced in next budget also encouraged the investors to invest their money at this time.
Rumours that the agri loan would be exempted from taxes invited buying in BoP and Askari Banks as both banks provide more agri loans. Expected PICIC''s deal with Tamesek also invited fresh buying in Picic which was closed at its upper circuit.
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