On the smooth holding of May 11 polls, Karachi Stock Exchange (KSE) Monday witnessed bull-run and the benchmark 100 share index breached another psychological barrier to close at 20,244.82 from 19,916.27 points Friday. The local bourse opened in green zone on the first day of new week after the general elections and gained 328.55 points. Volumes witnessed a healthy jump of some 62 million to stand at 280.274 million against previous 218.191 million.
Commenting on the market performance, Zafar Moti senior member KSE and Chairman ZMC Securities told Business Recorder that PML-N is favourite political party of most of stock investors and traders that''s why they invested with new enthusiasm and the KSE witnessed historic high.
He said earlier, there was fear of hung parliament but when PML-N got majority of seats in National Assembly, it means they can form government with only support of independent MNAs and they would not face hurdles in decision-making, it was another major reason behind the bullish session of local bourse, he added. Yaseen Lakhani, a senior member KSE and Chairman Lakhani Securities told Business Recorder that most of people related to equities trade are considering PML-N as business-friendly.
They are expecting new government would come up with fresh hopes for business community and that thinking reflected on the KSE''s bullish session on the very first day after the polls, he added. He said may be some little correction is witnessed in any of day but the local bourse sustained bullish-trend over the week as investors are looking very happy.
Market capitalisation followed same trend of gaining and stood at Rs 4.954 trillion, up by Rs 65.35 billion against Rs 4.889 trillion. The trading side also witnessed higher trend. Volume at ready counter stood at 280.274 million against 218.191 million shares. Out of total 379 active scrips, 257 went up, 105 went down and that of 17 remained unchanged. Wyeth Pak and Murree Brewery were the top gainers with share prices increasing by Rs 19.73 and Rs 17.61 to close at Rs 1534.60 and Rs 369.91, respectively.
Rafhan Maize XD and Bata (Pak) XD were the top losers. Their share prices decreased by Rs 222.99 and Rs 79.99 to close at Rs 4263.91 and Rs 1905.01, respectively. Nine companies available in "Top Ten" chart witnessed growth in their share prices while only one lost its worth. Fauji Cement succeeded to gain the position of "Volume Leader." With an increase of 40 paisa, it closed at Rs 10.58 on a turnover of 31.81 million shares.
Bank of Punjab remained in positive zone. It gained Re1 to close at Rs 10.31 on some 14.84 million shares. Jah Sidd Co went up by 65 paisa to close at Rs 11.93 on some 13.76 million shares. DGK Cement increased by Rs 3.11 to close at Rs 74.96 on some 11.79 million shares. Pioneer Cement SPOT gained Rs 1.30 to close at Rs 27.47 on some 10.84 million shares. Maple Leaf Cement rose by 27 paisa to close at Rs 19.12 on some 10.04 million shares.
PTCLA saw a decrease of 16 paisa to close at Rs 18.86 on a turnover of 9.19 million shares. PIAC (A) gained 98 paisa to close at Rs 6.16 on some 8.52 million shares. Lotte Chemical bagged 10 paisa to close at Rs 7.86 on 7.52 million shares. The last one among the Top Ten was Nishat Mills which gained Rs 4.28 to close at Rs 89.99 on a turnover of 7.44 million shares.