The share market welcomed the new federal budget by surging to a historic high of 37,223 points Friday. The benchmark KSE-100 index added 384 points to the Wednesday's tally of 36,839 points, which in the bullish session proved to be the intraday low. Foreign portfolio investment remained positive as offshore investors made a net buying of $1.17 million.
Trading turnover on ready-counter was recorded lower at 254 million shares with an inflated value of Rs 13.46 billion. Of the total 387 scrips traded, 219 posted gains, 143 lost their worth and that of 25 stayed unchanged. The market capital, which Finance Minister Ishaq Dar told National Assembly had grown from Rs 5.2 trillion ($51.3 billion) in May 2013 to Rs 7.39 trillion ($70.5 billion) in May 2016, accumulated to Rs 7.53 trillion.
K-Electric led volumes with 35 million shares as Fauji Cement, SNGPL, Habib Metropol, Lotte Chemical, Dewan Motors, Nishat Mills, TRG Pakistan, Dewan Cement and Habib Bank Limited followed. Futures trade stood at 42 million contracts from the previous 53 million.
"Stocks closed on new highs on investor speculations ahead of federal budget 2016-17," said Ahsan Mehanti at Arif Habib Corp. He said oil stocks outperformed the index on higher global crude prices. "Investor interest remained in select scrips across-the-board on likely export growth packages in federal budget," said the analyst. Positive sentiment on expected MSCI upgrade, falling leverage costs and Rs 1.675trn record development plans in the federal budget played a catalytic role in the bullish close, he added.
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