Stocks closed record high amid higher trades in stocks across the board on renewed foreign interest after global stocks rally and Europe deal with IMF on Greece bailout.
The Karachi Stock Exchange KSE-100 share index increased 94.29 points or 0.58 percent to stop the day’s trading at 16364.77 points as compared to 16,270.48 points of the previous day. Equity dealer Summer Iqbal observed that, bourse witnessed new record high mainly led by cements. Volume also remained attractive as more than 300 million shares traded valuing Rs 6.9 billion. Renewed buying was seen in cement stocks amid expectation that their December results would be better than their last quarter. Textile stocks also remained in the limelight due to improving margins.
KSE-Allshare index up by 60.58 points or 0.53 percent to close the day at 11,563.37 points, KSE-30 share index higher by 62.41 points or 0.47 percent to conclude the day at 13,259.88 points while KMI-30 share index added 174.06 points or 0.62 percent to finish the day at 28,408.58 points.
Market traded 317.827 million shares after opening at 260.199 million shares and the value of traded shares was climbed to Rs 6.904 billion to Rs 3.688 billion. Stock market capitalisation stops at Rs 4.105 trillion as compared to Rs 4.084 trillion of t he previous day.
Experts said investor interest in oil, cement, fertilizer stocks on higher global commodities affected the sentiments. Higher textile sector exports on EU relaxations and speculations on rate cut ahead of SBP policy announcement next month played a catalyst role in bullish sentiments at KSE despite concerns for higher fiscal deficit and lower banking spreads.
Trading took place in 392 companies where gainers beat the losers 195 to 179 while the value of 18 stocks remained intact. Unilever Food was the biggest price gainer of the day up by Rs 190 to Rs 4150 while Linde Pakistan topped the losers down by Rs 3.38 to Rs 153.37.
In the top ten scrips of the day, Fauji Cement was the volume leader of the day with 31.705 million shares shed by Re 0.13 to Rs 6.90. It was followed by KESCwith 28.262 million shares grew by Re 0.73 to Rs 6.56, Dera Ghazi Khan Cement with 19.798 million shares gained Rs 1.96 to Rs 55.40, Maple Leaf Cement with 15.570 million shares up by Re 0.17 to Rs 16.16 and Summit Bank with 10.354 million shares shed by Re 0.01 to Rs 3.01.