KARACHI - Market once again surpassed the psychological level of 25,000 in intraday, however, remained unsuccessful in sustaining that level.
The benchmark index climbed 94 points to close at 24972.90 level compared to 24878.68 points of the previous day. Participation at the bourse remained on the lower side with daily average volumes declining by 9pc to Rs7.2b. Cement sector remained in the limelight on the back of potential price increase in the upcoming month. Moreover, investors’ interest was witnessed in BIPL and NBP on the back improving margins of the banking sector. Both BIPL and NBP were top 2 volume leaders with trade of 18.2m and 13.1m shares, respectively, while with trade of 9.9m shares DGKC completed the top 3 volume leaders, dealers observed here.
KSE-Allsahre index added 80.44 points or 0.44 percent to end the day at 18512.22 points, KSE-30 share index gained 71.25 points or 0.38 percent to close the day at 18711.04 points while KMI-30 share index increased by 178.42 points or 0.43 percent to end the day at 41763.10 points. Turn over of shares rise to 179.832 million compared to 177.532 million shares of a day earlier and the value of traded shares reduced to Rs 7.206 billion from Rs 7.926 billion. Capitalisation of the market maintained at Rs 6.031 trillion compared to Rs 6.005 trillion of the previous day.
Analysts said investor interest witnessed in stocks across the board after strong rupee recovery against dollar following FM meeting with bankers and PM statements to address energy deficiency, foreign investment and economic growth on war footing.
Government Initiatives on privatisation of SOEs and Pak-Iran gas pipeline projects, growth in foreign remittances data and finance minister comments on expected release of $800m coalition support funds, $1.2b on licence auctions, privatisation of SOEs and $800m on PTCL proceeds played a catalyst role in bullish sentiments in oversold market, he added.
During the session 365 companies exchange hands where 234 closed in positive and 104 in negative while the value of 27 stocks remained intact. Top price gainer of the day was Rafhan Maize added Rs 350 to Rs 8050 followed by Unilever Foods up by Rs 100 o Rs 10796. Siemens Pakistan and Wyeth Pak Ltd shed by Rs 69.78 to Rs 1379.97 and Rs 44.50 to Rs 4500.
Active list was topped by Bankislami Pakistan with 18.226 million shares up by Rs 1 to 7.37. National Bank was on the second position with 13.100 million shares grew by Rs 1.26 to Rs 56.91. It was followed by Dera Ghazi Khan Cement with 9.889 million shares up by Re 0.77 to Rs 78.77, Azgard Nine with 8.508 million shares grew by Re 0.25 to Rs 6.75 and Fauji Cement with 7.418 million shares marginally up by Re 0.01 to Rs 13.59.