Bulls take KSE to new high, index gains 94 points

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KARACHI - Karachi stock market witnessed yet another peak on Friday with rising volumes. At local equity market, the benchmark KSE 100-share index posted a fresh gain of 94.62 points or 0.54 per cent to close the day’s trading at 17477.94 points as compared to 17383.32 points of the previous day. A dealer said in spite of market consensus that State Bank will not change policy rate investors preferred to buy stocks in anticipation of better earnings and payouts.

AKBL with a volume of 25m shares remained in the limelight after Fauji group announced that it will take over the bank at a substantial premium to the market price. Telecom remained under focus in anticipation of better results due to higher international calling rates.  KSE allshare-index added 86.96 points or 0.71 per cent to end the day at 12357.25 points, KSE 30-share index gained 52.58 points or 0.37 per cent to close the day at 14251.15 points while KMI 30-share index grew by 158.03 points or 0.52 per cent to finish the trading at 30290.67 points.

Market traded 269.366 million shares after opening at 311.408 million shares and the value of traded shares climbed to Rs 5.417 billion from Rs 5.066 billion. Capitalization of local equity market settled at Rs 4.378 trillion after opening at Rs 4.347 trillion.

Trading took place in 345 companies where gainers held a strong lead over the losers by 212 to 109 while the values of 24 stocks remained intact. Nestle Pakistan Limited was the biggest price gainer of the day, up by Rs 85 to Rs 5000, followed by Indus Dyeing, up by Rs 16.30 to Rs 558.30. UniLever Pak and Exide (Pak) were the top losers of the day, down by Rs 38.75 to Rs 10505 and Rs 10.46 to Rs 331.55.

Askari Bank was the top traded company of the day with 24.577 million shares as it closed at Rs 19.69 after opening at Rs 18.70. JS Company was on the second position with 20.238 million shares, up by Re 1 to Rs 18.04. It was followed by World Call Telecom with 19.844 million shares, up by Re 0.7 to Rs 3.62, Telecard Limited with 19.497 million shares, grew by Re 0.28 to Rs 4.97 and TRG Pakistan Limited with 16.933 million shares, up by Re 0.62 to Rs 8.42.


Courtesy: The Nation

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