KARACHI - Stocks closed higher Wednesday on investors speculations ahead of year-end closing.
“Amid hopes that NATO supply issue could be resolved in the meeting between NATO commander and Pak officials market witnessed across-the-board buying. Volumes remained low as investors preferred to adopt wait and see strategy ahead of June closing,” said stock dealer at KSE.
KSE-Allshare index added 93.53 points or 0.97 percent to end the day at 9709.19 points, KSE 30-share index increased by 154.10 points or 1.31 percent to close the day at 11933.77 points while KMI 30-share index gained 214.66 points or 0.91 percent to lock the day at 23828.72 points.
Analyst observed institutional support in blue-chip stocks across the board played a catalyst role in bullish sentiments despite concerns for security situation in the city and uncertainty in global stocks and commodities on prevailing euro-zone debt crises.
Market traded 94.364 million shares after opening at 57.989 million shares and the value of traded shares climbed to Rs 2.815 billion from Rs 2.005 billion while the market capitalization settled at Rs 3.518 trillion from Rs 3.484 trillion of the previous day.
Trading took place in 365 companies where gainers beat the losers by 164 to 123 while the values of 78 stocks remained intact. Rafhan Maize Product and Nestle Pakistan Limited were the highest price gainers of the day, increased by Rs 117.33 to Rs 3050.00 and 66.71 to Rs 4068.92. Unilever Food and UniLever Pak were on the down hill, decreased by Rs 75.00 to Rs 2750.00 and Rs51.75 to Rs 7298.25.
Bankislami Pakistan was the top traded company of the day with 10.241 million shares as it closed at Rs 9.35 after opening at Rs 9.22. It was followed by Bank Al-Falah, P.T.C.L.A, Azgard Nine, JS.Co, Summit Bank Limited, D.G.K.Cement. Fauji Fertilizer, Fatima Fertilizer and National Bank Pakistan with turnover of 6.838 million, 6.767 million, 6.665 million, 5.573 million, 4.425 million, 3.711 million, 3.581 million, 2.609 million and 2.436 million shares respectively.