KARACHI - Stocks closed all-time high led by second and third tier stocks on strong valuations.
Rally was led by oil and cement stocks on renewed foreign interest ahead of corporate earning announcements due this week. The market gained 104 points and successfully settled at 27104.70 level compared to 27000.95 points of the previous day.
Analyst at KSE, Ahsan Mehanti said expected ECC approvals on revisions in OMC margins and approvals on concessionary gas to Engro Fertilizers played a catalyst role in bullish activity despite concerns for security unrest in the country and US new conditions for release of $33m aid.
KSE-Allshares index up by 113.67 points or 0.57 percent to end the day at 20173.68 points, KSE-30 share index added 49.06 points or 0.25 percent to conclude the session at 19790.07 points while KMI-30 extended by 227.74 points or 0.51 percent to stop the trading at 44912.59 points.
Volumes were up 9pc to Rs 11.210 billion from Rs 10.285 billion while the trading in term of shares was 261.967 million after opening at 266.599 million shares. Capitalisation of the equity market maintained at Rs 6.581 trillion compared to Rs 6.543 trillion of a day earlier.
Equity expert Asad Siddiqui said textile sector attracted investors’ interest on the back of impressive export figures for the 1HFY14, with high interest in NML. Moreover, as board meetings of ATRL, POL and APL draw near, interest was witnessed in these stocks. Engro that struck two upper circuits in previous two trading sessions saw some profit taking as it closed at Rs 186.90.
Trading took place in 420 companies where 256 closed in positive and 145 in negative while the value of 19 stocks remained intact. Nestle Pak was the biggest price gainer of the day increased by Rs 464.44 to Rs 9864.43 followed by Wyeth Pak Ltd up by Rs 236 to Rs 4961 while the highest decreased were reflected in the price of National Foods and Siemens PakistanXD decreased by Rs 22.71 to Rs 660.61 and Rs 18.39 to Rs 1491.97.
In the top ten scrips, Azgard hold the first position with 20.801 million shares as it closed at Rs 9.07 after opening at Rs 8.82. Bankislami Pakistan was on the second position with 13.159 million shares up by Re 0.62 to Rs 7.78. It was followed by KESC with 12.122 million shares off by Re 0.06 to Rs 6.80, JS Co with 10.962 million shares shed by Re 0.30 to Rs 11.95 and Bank of PunjabXR with 7.442 million shares extended by Re 0.15 to Rs 10.95.