KARACHI - Stocks closed bullish post healthy quarter end earning announcements on strong valuations. Ignoring the rising political temperature, investors built new position in anticipation that the upcoming budget will provide relief to industrial sector.
Bullish activity in global stocks and commodities after strong US manufacturing data, renewed foreign interest played a catalyst role in bullish sentiments in stocks across the board at KSE as investors await details on proposals for federal budget, said Ahsan Mehanti stock analyst.
Institutional interest witnessed in oversold stocks across the board amid consolidation on lower volumes despite concerns for gas shortfall and circular debt issues in energy sector, he added. KSE-Allshare index added 113.00 points or 1.15 percent to stop the day at 9,925.71 points, KSE-30 share index up 114.16 points or 0.93 percent to close the day at 12366.32 points while the KMI-30 share index increased 205.83 points or 0.85 percent to finish the session at 24,431.70 points.
Equity dealer at KSE said led by institutional buying in Engro, DGKC and PTCL market comfortably closed above 14,000 points level.
Trade volume soared to 246.394 million shares from the previous 164.070 million shares. Trading took place in 379 companies where gainers managed strong lead over the loser 234 to 88 while the values of 57 stocks remain intact.
KESC was the top traded company of the day with 20.648 million shares as it closed at Rs 4.47 after opening at Rs 3.70 gained Re 0.77. It was followed by PTCLA with 18.619 million shares added Re 0.97 to stop at Rs 13.52, Lafarge Pakistan with 133.640 million shares insert Re 0.44 to finish at Rs 5.27, JS Co with 13.491 million shares increased Re 1 to stop at Rs 15.93 and Fatima Fert.CoXD with 12.275 million shares improved Rs 1.15 to Finish at Rs 24.40.
Unilever Food and UniLeverPak Ltd were the highest price gainers of the day increased by Rs 122.95 and Rs 73.71 while the top losers were led by Bata (Pak) XD and Siemens Pakistan shed by Rs 31.58 and Rs 9.05 respectively.