Stocks Monday ended 0.73 percent higher at all-time high of 36,235 on the back of bull-run in global equities and crude oil prices. The benchmark KSE-100 index added 261 points to Friday's 35,974 points which proved to be the day's lowest level. The observers at the share market said the day's rally was led by cement and oil stocks.
"The benchmark KSE-100 index closed at an all-time high at 36,234 as the market continued its upward momentum from last week," market observers at Topline Research said. They said uptick in international crude prices due to wildfire in Canada and a change in Saudi Arabia's oil minister prompted investor interest in oil exploration stocks. While Pakistan Oilfields and Oil & Gas Development Company (OGDC) rose 2.0 and 1.8 percent, Pakistan State Oil appreciated by 1.7 percent on the back of the Economic Co-ordination Committee's approved revision. Trading volumes slid to 273 million shares value of which declined to Rs 12.8 billion from the previous Rs 14.3 billion. Of the 355 scrips, 194 increased, 141 decreased and that of 20 remained unchanged.
The market capital accumulated to Rs 7.44 trillion. Positive, the foreign investors ended up buying portfolios worth $864,834, on net basis. WorldCall Telecom, rising to Rs 1.89 at close, was the day's most-traded issue with 26 million of its shares changing hands. Other best performers included SNGPL, Dewan Cement, PIBT, Byco Petroleum, Bank of Punjab, K-Electric, Dewan Motors, TRG Pakistan and SSGC.
"Intraday pressure remained in overbought textile, fertilisers and auto stocks," said Ahsan Mehanti of Arif Habib Corp. The analyst cited pre-budget speculations, foreign inflows and MSCI reclassification to Emerging Market status hopes as the catalyst for the day's bullish close. Trade on the futures market slid to 43.7 from 56.6 million contracts of last session.
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