KARACHI - Market for the first time in history has crossed 16,000 marks during the trading session. Increased participation was seen from both individual and institutional investors as volumes also increased to 189m shares. Investors think that lower inflation will force central bank to further reduce policy rate. That is why positive trend was seen in almost all the leading stocks, dealers observed here on Thursday.
Market experts said stocks closed at highest amid higher trades led by cement and oil sector stocks on rising global commodities. KSE 100 crossed highest ever 16,000 level during trading session followed by institutional profit-taking on reports of falling rupee-dollar parity ahead of repayments to IMF loans due this month and higher import bills for the national exchequer.
They said global stocks and commodities rally, improved current account balance for the first quarter ‘13 and speculations ahead CPI inflation announcements for Oct ‘12 due on Friday played a catalyst role in bullish sentiments at KSE.
Concerns for circular debt issues in energy sector amid institutional consolidation in selected blue chip stocks affected sentiments at KSE, they added.
KSE-Allshares index higher by 43.65 points or 0.39 per cent to end the day at 11,200.46 points, KSE-30 share index up by 51.28 points or 0.39 percent to end the day at 13,076.04 points while KMI-30 share index increased by 162.61 points or 0.58 percent to finish the day’s trading at 27,984.00 points.
Market traded 189.190 million shares after opening at 135.836 million shares and the value of traded shares was climbed to Rs 4.727 billion from Rs 4.957 billion. Market capitalisation settled at Rs 3.980 trillion as compared Rs 3.964 trillions of a day earlier.
Trading took place in 355 companies where gainers held a lead over the losers 183 to 150 while the value of 22 stocks remained intact. Island TextileXD was the biggest price gainer of the day up by Rs. 19.14 to end at Rs.402.01, while Exide (Pak) was the highest loser of the day down by Rs 8.95 to close at Rs 323.05.
Maple Leaf Cement was the volume leader of the day with 25.142 million shares as it closed at Rs 10.13 after opening at Rs 9.14. Fauji Cement was on the second position with 11.295 million shares. It was followed by Azgard Nine with 9.131 million shares, Dewan Cement with 8.239 million shares, Jah. Sidd. Co with 7.956 million shares, Bank Al-Falah with 7.364 million shares, K.E.S.C. with 7.317 million shares, Hub Power Company with 6.717 million shares, Lafarge Pakistan with 6.443 million shares and Askari Bank with 6.204 million shares.