CHI (Reuters) - The KSE benchmark 100-share index closed 1.40 per cent, or 156.76 points, higher at 11,319.15 here on Tuesday.
The volume was 87 million shares, compared with 74.19 million shares traded on Monday.
Institutions stepped in on hopes of strong corporate results especially in the energy sector, said Sajid Bhanji, director at brokers Arif Habib Ltd.
Pakistan Oilfields ended 2.45 per cent higher at Rs 364.10 and is due to announce its results for the quarter ended June 30 on Monday.
Shares at Islamabad Stock Exchange (ISE-10) here witnessed bullish trend as the index gained 41.55 points to close 2454.15 when it was compared to earlier days trading. Senior Equity Dealer, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the bullish rally in the local stock markets led by the positive announcements of financial results of corporate sectors especially Nishat Mills (NML).
He said that NML announced its unconsolidated financial year 2011 earning per share (EPS) of Rs13.8 as compared to EPS of Rs8.3 in same period last year, up by 66 percent and the result was also accompanied by final cash payout of Rs3.3 per share. He further added that the investors were expecting financial results
of Pakistan Oilfields Limited (POL), with EPS of Rs. 12.2 per share in the 4th quarter of financial year 2011 translating into full year earnings of Rs.45.3 per share, to be announced on September 11 for financial year 2011. Stock Analyst and member, Association for Investors awareness, Faheem Akhtar said that the rumours of exemption of capital gain tax (CGT) caused positive sentiments in the local equity markets.
He said that NML, NBP, Netsol and Engro-foods closed hitting upper cap limits with NBP remained the volume leader while oil sector and banking stocks contributed mostly to the index gains.
Total shares traded were 17,725, which were down by 54,074 shares as compared to previous days trading.
Out of 141 companies, the price of 81 were increased while the price of 60 decreased.
The price of top gainer Unilever Pakistan was increased by Rs.37.50 while the price of top loser Siemens Engineering decreased by Rs.20.00.
National Bank Pakistan, Fauji Fertilizer Bin Qasim and Engro Corporationwere remained volume leaders on Tuesday, with volume of 8,205,4,000 and 3,020 shares respectively.