KARACHI - Stocks showed strong recovery after PAT, PTI accepted Army as mediators, guarantors to end political crisis.
The KSE benchmark posted a fresh gain of 793.31 points and showed growth of 2.86 percent, the 100-index end the trading at 28567.74 points compared to 27774.43 points of the previous day.
Samar Iqbal AVP at Topline Securities said that for the first time in KSE history benchmark KSE-100 index crossed 1000 points mark in intraday trading. On closing basis market rallied 793 points after a gap 6 year on expectations that Army Chief may help resolve ongoing political issue.
KSE-Alshare index grew by 543.59 points or 2.66 percent to stop the trading at 21014.45 points, KSE-30 index increased by 612.40 points or 3.18 percent to conclude the trading at 19877.88 points while KMI-30 index scaled by 1258.64 points or 2.78 percent to finish the trading at 46494.76 points.
The day turnover of market in term of shares 187.806 million shares compared to 115.461 million share of a day earlier and the value of traded shares was climbed to Rs 9.827 billion from Rs 6.372 billion. The capitalisation of the market maintained at Rs 6.726 trillion after opening at 6.553 trillion of a day earlier.
Analysts said strong earning announcements, PC decision on $850m OGDC GDR in midst of political crisis, receipt of $371m CSF tranche and expected ease in circular debt on tariff rationalisation measures for release of $550m IMF tranche next month played a catalyst role in bullish activity.
Trading took place in 366 companies where gainers beat the losers 289 to 54 while the value of 23 stocks remained intact. Rafhan MaizeXD and Bata (Pak) were the biggest price gainers of the day up by Rs 274 to Rs 10775 and Rs 127 to Rs 3315. Exide (PAK) and Sanofi-Aventis were the top price losers of the day decreased by Rs 46.38 to Rs 892.45 and Rs 34.67 to Rs 658.83.
Active list was topped by K-Electric with 22.589 million shares added Re 0.08 to Rs 7.71. It was followed by Bank of Punjab with 14.540 million shares shed Re 0.05 to Rs 8.06, Lafarge Pak with 10.784 million shares marginally down by Re 0.01 to Rs 15.48, Pak Elektron Ltd with 8.852 million shares off by Re 0.61 to Rs 29.39 and Maple Leaf Cement with 7.514 million shares reduced by 0.09 to Rs 26.61.