Index crosses 18,000 level on hectic buying

KARACHI: Bull-run continued on the last day of the week at Karachi Stock Exchange (KSE) Friday as 100-Index surged by 153.52 points to close at highest ever level 18,074.27, a dealer said.

Turnover volume was also high at 369.041 million shares as prices of 208 scrips recorded gains and 141 sustained losses while 16 remained unchanged.

A dealer at a leading brokerage house Salim Saifee said that market was bullish since morning and despite some profit-taking, the Index continued to keep rising on buying spree in telecommunication sector on the news that international calling rates will be increased after court orders.

He said that market is bullish since the start of February and investors particularly foreign funds managers are taking positions since last two weeks. "Hectic buying was witnessed in the scrips of telecommunication, cement, oil and gas, chemical and banking sectors. Telecom sector gets a boost", he added.

The market capitalization was also improved by Rs 27.2 billion to Rs 4.491 trillion.

Worldcall Telecom was the volume leader with a turnover of 45.798 million shares followed by Telecard 31.638 million shares, PTCL 29.819 million shares, TRG Pak 25.686 million shares and Maple Leaf Cement 22.894 million shares.

Maple Leaf Cement closed at 18.94, D G Khan Cement 62.70, PSO 241.98, OGDC 207.39, NBP 53.39, Fauji Cement 7.98, and Engro Foods 124.80.

MCB Bank recorded the highest increase of Rs 10.94 to 230.23 followed by Exide Pak which went up by 9 to 321 while Unilever Foods dipped by Rs 75 to 4125 and Island Textile slipped by Rs 47.50 to 902.50.