KARACHI - Supported by cement and oil stocks market recovered to close above 23,100 points. The Karachi stock market benchmark KSE-100 share index posted a fresh gain of 120.25 points or 0.52 percent to stop the day at 23114.97 points compared to 22994.72 points of the previous day.
Equity dealers said better earnings for the June quarter kept investors sentiment alive in cement sector. Maple Leaf cement closed at its upper cap with 20m shares.
KSE-Allshare index grew by 95.95 points or 0.59 percent to stop the day at 16367.01 points, KSE-30 share index up by 81.21 points or 0.45 percent to close the day at 18070.17 points while KMI-30 share index increased by 266.78 points or 0.67 percent to finish the day at 40134.47 points.
Bourse traded 182.311 million shares on Thursday after opening at 232.021 million shares and the value of traded shares was climbed to Rs 8.198 billion from Rs 10.431 billion of a day earlier. The capitalisation of equity market maintained at Rs 5.629 trillion after opening at Rs 5.596 trillion.
Analyst at Arif Habib observed that stocks closed higher in the earnings announcement session at KSE led by oil, banking and cement stocks on strong valuations and renewed hopes for privatisation of SOEs based on commitment with IMF and revised bid for IMF $7.3b loan.
Declaration for Pak economic and social support during meeting of government officials with UK Foreign Secretary, recovery in global commodities after Federal Reserve chairman’s congress testimony, rising exports and POL production data and early resolutions of circular debt issues played a catalyst role in bullish activity at KSE.
Trading took place in 343 companies where gainers beat the losers 215 to 104 while the value of 24 stocks remained intact. Colgate Palmolive was the biggest price gainer of the day up by Rs 29 to Rs 1880 followed by Wyeth Pak Limited higher by Rs 23 to Rs 1800. Packages Limited sand Atlas Battery Limited were the top losers of the day decreased by Rs 9.87 to Rs 235.13 and Rs 7.84 to Rs 372.61.
Maple Leaf Cement was topped the active list with 19.701 million shares up by Rs 1.29 to Rs 27.21. Bank of Punjab was on the second position with 15.853 million shares as it closed at Rs 14.12 after opening at Rs 13.27.
It was followed by Faysal Bank Limited with 11.401 million, Fauji Cement with 11.097 million, National Bank with 10.656 million, PIAC(A) 9.389 million, Engro Corporation with 7.295 million, JS Company with 5.844 million, Byco Petroleum with 5.368 million and Lafarge Pakistan with 4.418 million shares respectively.