Bullish trend was witnessed at Karachi share market on Wednesday on the back of strong support by both foreign and local investors and the KSE-100 index registered a healthy gain of 198.92 points to close at 29-month high of 11,629.93 points. "Foreign investors'' interest continued with fresh net buying of $4.32 million, while local participants and institutions also joined the rally", analysts said.
Trading improved significantly and the volume at ready counter increased to 195.652 million shares as compared to 118.299 million shares traded on Tuesday.
Market capitalisation increased by Rs 52 billion to Rs 3.168 trillion.
Of 409 active scrips, 238 closed in positive and 141 in negative, while the value of 30 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 34.285 million shares and gained Re 0.53 to close at Rs 13.16. NBP and Bank Al Falah increased by Rs 2.71 and Re 0.16 to close at Rs 71.43 and Rs 10.38 with 14.334 million shares and 5.291 million shares respectively. Dewan Salman inched up by Re 0.38 to close at Rs 3.01 with 13.508 million shares.
Dewan Cement gained Re 0.77 to close at Rs 2.76 with 9.913 million shares. D G Khan Cement increased by Rs 1.08 to close at Rs 31.87 with 8.004 million shares. Lafarge Pakistan inched up by Re 0.26 to close at Rs 3.43 with 7.296 million shares. Nishat Mills lost Re 0.29 to close at Rs 61.90 with 8.121 million shares.
POL surged by Rs 13.80 to close at Rs 289.81 with 5.976 million shares. Fatima Fertiliser gained Re 0.46 to close at Rs 10.11 with 5 million shares. Nestle Pakistan and Rafhan Maize were the highest gainers increasing by Rs 108.50 and Rs 67.40 to close at Rs 2278.50 and Rs 2017.40 respectively, while Unilever Pak and Bata Pak were the worst losers declining by Rs 28.81 and Rs 14.10 to close at Rs 4070.87 and Rs 619.90 respectively.
Samar Iqbal, equity dealer at Topline Securities, said that the index rallied 1.7 percent mainly driven by POL which closed 5 percent up in speculation of discovery. Volumes remained healthy due to combination of foreign buying and expectation of handsome corporate earnings. KSE-100 index kept its upward drive and after a gap of 29-month closed at a new high above 11,600, he added.
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