KARACHI - Stocks closed at all time high led by blue chip stocks across the board on strong earnings outlook.
The Karachi stock market benchmark KSE-100 share index posted a fresh gain of 167.05 points or 0.98 percent to close the day at 17,172.04 points as compared to 17,004.99 points of the previous day.
Ahsan Mehanti Analyst at Arif Habib Corporation said trade remained high amid speculations ahead of major earning announcements due this week. Falling treasury yields, record earning announcements for cement, oil sector stocks played a catalyst role in bullish activity at KSE despite concerns for falling fertilizer offtake data.
KSE-Allshare index 108.41 points or 0.90 percent to end the day at 12,092.49 points, KSE-30 share index gained 147.96 points or 1.06 percent to close the day at 14,044.29 points while KMI-30 share index added 255.34 points or 0.87 percent to conclude the session at 29,622.70 points.
Equity dealer Samar Iqbal said Karachi market closed to a new high amid renewed buying interest in anticipation of healthy December result announcements. Telecommunication and Cement sector remained in the limelight while Engro and PSO also rose. Engro gained 4pc after ECC announcement of gas load management plan. PSO closed Rs.7.5 up with 1.2m shares exchanged hands.
Turnover of stock market in terms of share climbed to 196.813 million shares from 189.497 million shares and the value of traded shares was rose to Rs 5.993 billion from Rs 5.130 billion. KSE capitalisation settled at Rs 4.285 trillion compared to Rs 4.246 trillion of a day earlier.
Trading took place in 360 companies where gainers held a strong lead over the losers 184 to 154 while the value of 22 companies remained intact. Unilever Food and Unilever Pak was the top price gainers of the day up by Rs 175 to Rs 4080 and Rs 110.94 to Rs 9994.20. Nestle Pakistan and Mitchells Fruit XDXB were the biggest loser of the day down by Rs 106.25 to Rs 4693.75 and Rs 11.50 to Rs 321.
With turnover of 34.705 million shares Telecard Limited was on the top position. It was followed by Fauji Cement with 18.978 million, Dera Ghazi Khan Cement with 13.242 million, Engro Corporation with 11.373 million, World Call Telecom with 8.813 million, JS Co with 8.299 million, Maple Leaf Cement with 8.096 million, Byco Petroleum with 6.867 million and TRG Pakistan Ltd with 4.914 million shares respectively.