Karachi - Led by banking stocks, market closed at another historic high after closing at 29458.15 level. Benchmark posted a fresh gain of 362 points.
Ahsan Mehanti at Arif Habib Corp said stocks closed all time high on renewed foreign interest in oil and banking stocks on S&P and Moody’s rating agencies indication for improved ratings on performance.
Speculations ahead of quarter end earning announcements and strong rupee appreciation against dollar amid expectations for major FX inflows on Euro Bond receipts and 3G/4G telecom licence auctions on April 23 played a catalyst role in bullish activity at KSE despite uncertainty in textile stocks on conflicting reports on demands for 10pc rebate for textile exporters impacted by rupee appreciation, he added.
KSE-Allshare index up by 229.25 points or 1.05 percent to end the day at 22030.33 points, KSE-30 index grew by 258.79 points or 1.27 percent to stop the session at 20569.62 levels while KMI-30 index extended by 255.91 points or 0.55 percent to conclude the session at 47050.95 points.
Out of 381 active companies 205 closed in positive and 145 in negative while the value of 31 stocks remained intact. Rfahan Maize was the highest price gainer of the day up by Rs 521.50 to Rs 10951.50 followed by Phillips Morris Pak grew by Rs s35.26 to Rs 740.59. Bata (Pak) SPOT and Sanofi-Aventis SPOT were the top price losers of the day decreased by Rs 96.98 to Rs 3302.92 and Rs 53.08 to Rs 1019.72.
Stock traded 391.632 million shares after opening at 86.665 million shares and the value of traded shares was Rs 14.061 billion compared to Rs 15.809 billion of the previous day. The capitalisation of the market maintained at Rs 7.082 trillion after opening at Rs 7.009 trillion.
An equity dealer said most of the leading banks like UBL, ABL, BAHL, NBP and MEBL closed at upper 5pc upper limit and MCB gained 4pc. While pre-result rally was seen in ATRL and POL as the Attock group will announce their results tomorrow. Renewed interest was also seen in PSO and NML. The top ten scrips were led by JS Co with 33.493 million shares up by Re 0.44 to Rs 13.59. NIB bank was on the second number with 33.361 millions shares up by Re 0.16 to Rs 2.81. It was followed by JS Bank Ltd with 20.637 million shares higher by Re 0.56 to Rs 6.66, Bank Al-Falah XD with 17.579 million shares extended by Rs 1.08 to Rs 28.58 and K-Electric Ltd with 17.455 millions shares gained Re 0.05 to Rs 6.78.