KARACHI - On the last day of trading week benchmark broke the psychological barrier of 26,000 points with the addition of 84 points. The week concluded with market gaining 789 points, average daily volumes rose 26pc to Rs8.6b as against Rs6.8b in the previous week.
Analyst at Arif Habib Ahsan said that rally was led by selected stocks across the board after rise in local fertilizer prices on GIDC levy on fertilizer units and revision in local power tariff easing concerns for pending circular debt in energy sector. Higher local cement prices and expectation for record results in banking sector played a catalyst role in bullish sentiments, he added. KSE-Allshare index up by 98.88 points or 0.52 percent to end the day at 19280.61 points, KSE-30 share index grew by 33.05 points or 0.17 percent to conclude the session at 19355.40 points while KMI-30 share index added 95.64 points or 0.22 percent to finish the day at 43881.42 points.
Market traded 277.988 million shares after opening at 387.231 million shares and the value of traded shares was climbed to Rs 9.817 billion from Rs 12.342 billion. The capitalisation of the market settled at Rs 6.255 trillion compared to Rs 6.224 trillion a day earlier. Mainly led by ample liquidity available in the system, on-going positivity continued during the third day, however, the velocity remained subdued. Another positive for the market is renewed interest coming in from retail investors from the last couple of sessions, equity dealer Asad Siddiqui observed here. Buying interest in PTC and DGKC was seen as they saw volume of 12.6m and 12.3m shares, respectively. Besides this, positivity in OGDC was witnessed, which further supported the index, contributing approximately 21 points.
Trading took place in 397 companies where losers beat the gainers 194 to 181 while the value of 22 stocks remained intact. Nestle Pak was the biggest day price gainer up by Rs 275 to Rs 8475 followed by Bata (Pak) higher by Rs 41.32 to Rs 3120. Wyeth Pak Ltd and Mithchells Fruit were the top price losers of the day down by Rs 60 to Rs 4500 and Rs 24.93 to Rs 725.51.
Top ten scrips were led by TRG Pakistan Ltd with 21.656 million shares added Re 0.73 to Rs 10.13. PTCLA held second position with 12.568 million shares increased by Re 0.59 to Rs 30.15. It was followed by Dera Ghazi Khan Cement with 12.343 million shares as it closed at Rs 92.72 after opening at Rs 90.50, Telecard Limited with 11.960 million shares up by Re 0.22 to Rs 5.76 and Bank of Punjab with 10.652 million shares extended by Re 0.16 to Rs 11.36.