KSE gains 266 points on institutional support

KARACHI - Stocks closed bullish amid higher trades as investors cheer Pak-US progress on resumption of NATO supplies. At local equity market bench mark KSE-100 share index gained 266.34 points or 1.92 percent to finish trading session at 14,142.08 after opening at 13,875.74 points. Equity dealer Samar Iqbal observed strong bounce back was witnessed in local stock market in line with recovery in the regional markets. Volume also increased slightly where investors focus remained in cement stocks. Fertilizer stocks also rallied after remaining depressed in the last few sessions. KSE-Allshare index added 185.51 points or 1.90 percent to end the day at 9,935.82 points, KSE-30 share index extended 260.79 points or 2.17 percent to stop the day at 12,267.03 points while KMI-30 share index amplified 468.16 points or 1.96 percent to stop the day at 24,357.81 points. Analyst said institutional support in oversold market as global stocks and commodities recover after weak sessions, speculations over favourable federal budget announcements for corporate sector and expectations for release of US military aid to Pakistan played a catalyst role in bullish sentiments despite concerns for fall in rupee-dollar parity and rising current account deficit.Trading took place in 372 companies where gainers held a strong lead over the loser 226 to 76 while the values of 70 stocks remain intact. UniLever PakXD and Unilever FoodXD were the biggest price gainers of the day increased by Rs 100 and Rs 90 while the top losers were led by Bata (Pak)  Limited and Shahtaj Sugar Mills off by Rs 19.03 and Rs 3.66 respectively. JSCo was the top traded company of the day with 19.698 million shares up Re 0.57 to lock at Rs 16.91. it was followed by PTCLA, DGK Cement, Lafarge Pakistan, Fauji Cement, Arif Habib Co SD, Dewan Cement, Luck Cement, Engro Food Ltd and JS Bank Ltd with turn over of 17.252 million 14.288 million, 10.356 million, 7.757 million, 5.738 million, 5.383 million, 4.845 million, 4.776 million and 4.575 million shares in that order. Bourse traded 179.108 million shares as compared to the 81.448 million shares of yesterday and the value of traded shares was Rs 5.259 billion. 

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