Karachi stocks peaked to record 36,156.83 points level Wednesday on the back of, what analysts said, investors' expectations for robust gains out of June quarter earnings. The otherwise volatile KSE-100 index added 235 points to Tuesday's 35,921.71 with recovering global commodities being a prominent trigger for the sentiment-driven stock market.
As the day's trading started in the morning the benchmark index rallied and then never looked back to hit the session high 36,266.31 points. The trading volumes also stayed upward at 337 million shares compared to 311 million of the previous day.
The traded value swelled beyond Rs 15.70 billion from Rs 13.51 billion. Of the total 392 scrips that changed hands, 225 posted gains, 147 lost their worth while 20 remained unchanged.
The market capitalisation ballooned to Rs 7.763 trillion with foreign investors ending the day with buying of portfolios worth $1.7 million, on net basis.
Silk Bank led the day's volumes with 39 million trades. Other best performing stocks include Quice Food 17.4 million, K-Electric 16.7 million, Pak Elektron 15.8 million, TRG Pakistan 13.4 million, Byco Petroleum 10.3 million PTCL 9.3 million, Pace Pakistan 8.6 million, Descon Oxychem 8.2 million and Engro Fertiliser 8.0 million shares.
Futures trade moved northward to close at 37.79 million contracts as compared to 31.40 million of Tuesday.
In his comments, Ahsan Mehanti at Arif Habib Corp said the stocks market closed at an all-time high on record profits declared in the banking scrips.
"Bullish activity was led by select stocks across the board after recovery in global commodities supporting the index for a record close," the analyst added. He cited positive expectations for approval of next IMF tranche this month under Extended Funds Facility, APTMA's decision to call off strike on WHT issue and government's fresh commitments on privatisation of State-Owned Enterprises as catalyst for the day's bullish close.
"Karachi market closed to its historic high level as investors are expecting robust June quarter earnings," viewed Samar Iqbal of Topline Securities.
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