A bullish trend prevailed on Karachi Stock Exchange (KSE) Tuesday supported by reports the Ministry of Finance holding roadshows for $500m foreign inflows through Eurobonds and MSCI Frontier Index re-composition. The benchmark 100-share index rose by 405.59 points or 1.49 percent to close at all-time high of 27,565.5 points, up from 27,159.91 points Monday.
Analysts said stocks closed all-time high on renewed foreign interest in blue-chip oil and banking stocks ahead of the Ministry of Finance''s planned road-shows for $500m foreign inflows through Eurobonds and recomposition of the MSCI Frontier Index. They said that favourable CPI inflation data for Mar''14, which stood at 8.53 percent Year on Year basis, speculations ahead of quarter-end earning announcements and institutional interest in cement and textile stocks on strong valuations played a catalyst role in bullish sentiments at KSE.
Trading took place in 369 scrips, of which 229 closed in positive, 118 negative and that of 22 remained unchanged. Lotte Chemical emerged volume leader with 24.34 million shares. It gained Re.0.96 in the intra-day trading to close at Rs 8.03. B.O. Punjab stood second, bagging Re.0.24 to close at Rs 10.73 on 19.28 million shares. Lafarge Pak. closed at Rs 11.29, up by Re. 0.15 on 9.94 million shares.
Summit Bank gained Re0.08 to close at Rs 3.48 on 9.79 million shares. Engro Fertilizer Ltd moved up by Rs 1.14 to close at Rs 60.84 on 9.20 million shares. Engro Foods Ltd also shot up by Rs 4.85 to close at Rs 122.41 on 6.37 million shares. Faysal Bank closed at Rs 14.18, up by Re.0.14 on 5.94 million shares. Pak Elektron Ltd gained Re. 0.52 to close at Rs 20.36 on 5.66 million shares. Engro CorpXSD closed at Rs 188.37, up by Rs 1.9 on 5.42 million shares. Byco Petroleum increased by Re0.26 to close at Rs 11.62 on 5.11 million shares. Bata (Pak) and Pak Tobacco were the top gainers with Rs 126.49 and Rs 41.52 to close at Rs 2863.24 and Rs 1317.21, respectively. Nestle Pak. and Unilever Foods were the top losers with Rs 429.68 and Rs 99.99 to close at Rs 8164.07 and Rs 8900, respectively.
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