KARACHI - Stocks closed bullish amid higher trades led by stocks across the board on easing political concerns, higher global commodities and IMF approval for loan disbursement for economic reforms.
At local equity market, the bench mark KSE 100-share index posted a fresh gain of 314.41 points or 1.40 percent to close the day at 22765.87 points as compared to 22451.46 points of the previous day. KSE allshare-index went up by 168.81 points or 1.05 per cent to end the session at 16264.42 points, KSE 30-share index grew by 219.36 points or 1.25 per cent to finish the day at 17704.89 points while KMI 30-share index increased by 537.82 points or 1.40 percent to conclude the session at 39057.17 points.
A dealer said the pull back at local bourse continued led by cement stocks. Optimism that interest rate will not be increased soon after the IMF program investors built fresh position. Equity values gained by another 1% while volume increased by 23% to Rs.10b over the day. Equity values showed recovery of over 1,000 points in last 4 trading sessions. Trading took place in 359 companies where gainers outnumbered the losers by 248 to 89 while the values of 22 stocks remained intact. Rafhan MaizeXD was the biggest price gainer of the day, up by Rs 242.50 to Rs 5124.90, followed by Wyeth Pak Limited, higher by Rs 105.80 to Rs 3005.93. Murree Brewery and Glamour Textile were the top losers of the day, decreased by Rs 12.85 to Rs 300 and Rs 12.25 to Rs 232.75.
Expert observed that easing fears for major change in SBP policy rate on Sept 13 after IMF loan approval played a catalyst role in bullish activity despite dismal dispatch data for cement sector during Aug’13. Institutional interest remained in oil stocks after WTI crude crossed $109 on strong US economic data and renewed foreign interest in selected blue chip stocks.
Bourse traded 254.314 million shares on Friday after opening at 218.436 million shares and the value of traded shares jumped to Rs 10.339 billion from Rs 8.423 billion. Capitalization of market maintained at Rs 5.580 compared to Rs 5.532 trillion of a day earlier.
Active list was topped by BOP with 28.679 million shares as it closed at Rs 12.96 after opening at 12.53. Fauji Cement swas on the second position with 18.625 million shares, gained Re 0.18 to Rs 13.50. It was followed by Engro Corporation with 12.358 million shares, extended by Rs 7.52 to Rs 152.19, PTCLA XD with 9.337 million shares, up by Re 0.43 to Rs 26.54, and NIB Bank Limited with 8.231 million shares, increased by Re 0.04 to Rs 2.40 respectively.