KARACHI - Share market closed bullish across the board on positive statement by US State department on Iran Pipeline.
At local equity benchmark Karachi Stock Eexchange 100-share index added 147.59 points or 1.14 percent on Friday to stop the day at 13,088.97 points as compared to 12,941.38 points of the last session.
Strong valuations in banking, oil and fertilizer stocks, resumption of gas supplies in fertilizer sector, easing circular debt concerns in power sector after electricity tariffs were raised by 39pc played a catalyst role in bullish sentiments at KSE despite concerns for falling rupee and current account deficit, analyst observed.
KSE-Allshare index gained 105.70 points or 1.18 percent to conclude the day at 9090.72, KSE-30 share index increased 100.29 points or 0.84 percent to end the day at 12049.95 points while the KMI-30 share index improved 158.95 points or 0.69 percent to close the day 23125.53 levels.
Equity dealer Smar Iqbal said across the board rally helped benchmark KSE index to cross psychological level of 13,000 points after June 2008. Cement stocks were the major gainers as rising cement prices bodes well for their profits. National Bank ahead of its corporate result also closed at its upper limit. Good volume was seen in the market as more than 250 million shares traded.
Market traded 253.003 million shares after opening at 182.219. Trading took place in 349 stocks where gainers held strong lead over losers 183 to 73 while the value of 93 stocks remained intact.
Fauji Cement was the top traded company of the day 44.646 million shares followed by Fatima Fertilizer Company, JS&Co, Arif Habib Company SD and DGK Cement with turnover of 19.354 million, 14.447 million, 14.383 million and 13.481 million shares respectively.
Nestle PakistanXD and Indus Dyeing were the highest price gainer of the day up by Rs 151.96 and Rs 18.04 while the top loser were led by the Unilever Pak Foods and Bata (Pak) Limited down by Rs 89.41 and Rs 30.23 respectively.