Stocks firm on stability hopes: KSE-100 index touches new high

The KSE-100 index on Wednesday touched its highest level so far of 14,957.48 points, but closed at 14,829.58 points with a gain of 32.40 points on the back of strong interest of both local and foreign investors. The parallel KSE-30 index also performed well, gaining 140.65 points and closing at new high level of 18,088.91 points.
The market started on a positive note and the bulls gradually strengthened their position. The KSE-100 index hit the intra-day high of 14,957.48 points for the first time in KSE history. However, profit taking did not allow to sustain this level.
The ready market volumes, however, declined to 359.151 million shares as compared to 373.441 million shares traded a day earlier. The futures market turnover stood at 56.592 million shares against 56.833 million shares previously.
The overall market capitalisation increased slightly by Rs 5 billion to Rs 4.565 trillion. Trading took place in 382 scrips, out of which 214 scrips closed in negative and 123 scrips closed in positive while the value of 45 scrips remained unchanged.
Arif Habib Securities was the star performer of the day with 39.027 million shares and the scrip surged by Rs 3.60 to close at Rs 182.20 followed by PTCL which gained Rs 1.05 to close at Rs 44.20 with 32.135 million shares.
Healthy buying was witnessed in banking sector, as NBP, BoP and Bank Al Falah increased by Rs 4.40, Rs 2.20 and Rs 0.60 to close at Rs 259.65, Rs 103.70 and Rs 61.50, respectively.
The cement sector also remained active as Lucky Cement and DG Khan Cement surged by Rs 1.20 and Rs 0.30 to close at Rs 127.55 and Rs 102.50 respectively. Bosicor Pakistan gained Rs 0.20 to close at Rs 20.75. Netsol Technologies increased by Rs 5.00 to close at Rs 138.50. The E&P giant was the only scrip in the top 10 volume leaders which lost Rs 1.65 to close at Rs 128.10.
AKD Capital Limited and EFU Life Assurance were the highest gainers and gained Rs 36.20 and Rs 31.40 to close at Rs 760.90 and Rs 695.00 respectively while Siemens Pakistan and Bata (Pak) were the highest losers and lost Rs 76.85 and Rs 22.00 to close at Rs 1468.10 and Rs 618.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the increasing oil prices in the international market to cross $100 on day trade also invited fresh buying in the relevant stocks. On the other hand, the result announcement and investors expectations for better political situation in days to come, encouraged the market participants to take fresh position.