Unabated buying euphoria led the stock market to reach at yet another all-time high level of 6,746.40 as the KSE-100 index registered an increase of 142.85 points on Wednesday. The KSE-100 index registered a net gain of 142.85 points to close at 6,746.40 points as against 6,603.55 points of Tuesday. The turnover surged to 688.661 million as compared to 375.957 million of the previous day. The market capitalisation increased to Rs 1,863.826 billion as compared to Rs 1,830.037 billion of Tuesday.
After undergoing some selling pressure on the previous day, the market opened on a neutral stance, but bulls soon re-entered to take the driving seat and set the market direction. Ignoring completely the upcoming long holidays the market remained bullish throughout the day wherein smart rallies were witnessed on almost all the counters.
The positive response from foreign investors to the country's first-ever Islamic bond 'Sukuk' proved to be enough to overshadow some emerging concerns on the country's political front, like Balochistan situation and Pakistan's call for the World Bank intervention on Baglihar Dam issue. The market also let heavy mopping up of Rs 77 billion by the State Bank through T-bills auction go unnoticed.
On the other hand, on the back of reports that the government has assigned Pakistan Telecommunication Company Limited (PTCL) to prepare a feasibility report on Pakistan-India direct optic fibre link as the countries have agreed to remove reservations to execute the project and the ongoing privatisation developments the telecom giant, PTCL sparked a smart rally. The news of resumption of commercial production of Chakwal Cement from next year generated buying activities in the cement sector. While on the expectation of healthy corporate results, Fauji Fertiliser, FFBL, banking and oil and gas scrips also recorded gains.
The statement of Pakistan Petroleum Limited (PPL) spokesman that the company is trying its utmost to repair the damages at the earliest and the suspended gas supply might be resumed before Eid also strengthened the prevailing positive sentiments.
The total badla investment increased to Rs 37.51 billion as compared to Tuesday's Rs 36.94 billion. There was badla increase in NML by 6 percent as weak holders expect further increase in the share price, while the badla in FFC declined as it is being withdrawn from the badla market next week, an analyst said.
Another analyst said that the market participants broadly gave a vote of confidence to the market as they choose to build further on overnight positions dispelling fears of any negative development over a long weekend.
Among the volume leaders, PTCL-A up by Rs 3.90 to close at Rs 56.40 on the turnover of 221.543 million shares, OGDC up by Rs 2.55 to finish at Rs 79.05 on the deals of 138.336 million shares, Fauji Fertiliser Bin Qasim gained 80 paisa to end at Rs 31.50 on the total deals of 37.505 million shares, SSGC up by 65 paisa to close at Rs 29.35 on 35.540 million shares, D.G. Khan Cement increased by Rs 1.80 to close at Rs 59.85 on the turnover of 25.031 million shares, Hub Power up by 35 paisa at Rs 32.60 on the turnover of 21.215 million shares, Lucky Cement higher by 40 paisa to end at Rs 42.60 on the total deals of 18.881 million shares, SNGPL up by 35 paisa to close at Rs 61.35 on 17.954 million shares, NBP higher by 15 paisa to finish at Rs 98.10 on the turnover of 17.492 million shares and Pak Oilfield gained Rs 2.65 to close at Rs 252.75 on the total deals of 15.249 million shares.