Stock market gains 195 points, crosses 7,000 level

KARACHI - The stock market regained the positive momentum on Tuesday as the KSE-100 index gained 195 important points to close at 7,087 points on the back of the release of the outlines of modified ready-board leverage product. The release of the outlines of modified ready-board leverage product forced even the foreign participants to withdraw their selling limits as no one can deny the stimulus that the ready board leverage can provide to the local equity markets, adding to positivism was the response by India on the proposed peace talks thus allowing the liquid participants to visit local bourses to take advantage of summer sale. Contrary to expectations KSE-100 index belled in on a strong note with buying across the board. All fundamentally strong scripts came into a wall to wall buying spree, after the banking sector rallied under the lead of MCB and NBP, aiding the bourse to ascend to an intraday high of 211 points or 3.01pc placing core pivotal on their upper triggers on closing basis. Unlike in earlier sessions, major institutions were seen on blue chip counters which further floored the upward direction of the bourse. This recovery with handsome volumes, to previous sessions, was the need of the hour as all and sundry were of the view that KSE-100 index, till the budget presentation, would slide to a low of 6400. Nonetheless, Tuesdays revival of both the market and volume was the much needed confidence builder that seemed ebbing away with every drop of a point and or lack of investor interest. The litmus test of bourse would be after the budget, that is to say, would the market be able to sustain a good rally towards 8,000 or would it trade in the band of 100-200 points, stated Shahid Ali of HMFS. Market capitalisation inched up to Rs 2.100tr, showing gains of Rs55 billion in just one trading session. Market turnover was impressive as compared to last session. Nearly 156 million shares were traded at the KSE with the total trading value of 6.885 billion rupees. Out of 313 active symbols at the Karachi Stock Market, 207 gained value, 99 lost while the worth of only 7 shares remained unchanged. Once again, JSCL was the volume leader with the turnover of 11.220m shares, Pak PTA was second in the list with the trading of 10.975m shares, followed by OGDC (SPOT) with 8.171m shares, AHSL 7.937m shares, NBP 6.854m shares, Lucky Cement 6.667m shares, Orix Bank 6.600m shares, Bank Al-Falah 5.900m shares, Engro Chemicals 4.969m shares. Nestle Pak was the leading gainer, up by Rs33.27/share with the trading of only 700 shares on Tuesday, PSO gained Rs9.47/share and closed at Rs214.82, National Refinery added Rs9.24/share, closing at Rs200.25, Mari Gas Company up by Rs7.14/share and its total value was improved to Rs149.98, Pak Oilfields added Rs9.11/share and closed at Rs154.83, Exide Pak gained Rs6.80/share. On the other hand, Wyeth Pak lost Rs50.77/share and closed at Rs1,300.57, Fazal Textile Limited down by Rs17/share with the trading of only 100 shares, Siemens Pak Engineering lost Rs13.50/share, Pak Services lost Rs8.60/share and closed at Rs170, Atlas Honda (SPOT) down by Rs5.74/share, closing at Rs109.06, Treet Corporation lost Rs5.71/share and its value was decreased to Rs238.67.

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