Renewed foreign interest helps KSE recover 184 points

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Renewed foreign interest helps KSE recover 184 points

KARACHI - Led by second and third tier stocks, the Karachi stock market closed bullish Thursday on strong valuations.

The benchmark KSE 100-share index gained 184.82 points or 0.83 per cent to end the day at 22,276.70 points as compared to 22,092.42 points of the previous day. An analyst said renewed foreign interest in blue chip banking and oil stocks, hopes for post-budget IMF bailout package option to deal with economic issues impacted the sentiments in the pre-budget rally at KSE. Trade remained high amid institutional support in oversold market. Recovery in global commodities played a catalyst role in bullish sentiments at KSE despite strike observed to mourn political killings in the city, the analyst added.

KSE allshare-index gained 92.70 points or 0.60 percent to finish the day at 15619.68 points, KSE 30-share index went up by 197.79 points or 1.15 percent to close the day at 17329.88 points while KMI 30-share index gained 90.12 points or 0.24 percent to end the day at 37927.41 points.

The day turnover of stock market in term of shares was 462.640 million shares after opening at 664.676 million shares and the value of traded shares reduced to Rs 12.416 billion from Rs 15.878 billion. The capitalization of stock market maintained at Rs 5.381 trillion after opening at Rs 5.349 trillion.

Buying in cements and banking stocks helped index to recover 184 points while continued profit taking was witnessed in oil stocks. MCB once again closed at its upper cap for 2nd consecutive session. While low priced stocks kept fetching healthy volumes, a dealer observed.

Trading took place in 387 companies where gainers beat the losers by 202 to 166 while the values of 19 stocks remained intact. Shezan Inter and Indus Dayieng XD were the biggest price gainers of the day, up by Rs 34.25 to Rs 719.25 and Rs 18.25 to Rs 565. Downhill trend was led by Island Textile and Colgate Palmolive, decreased by Rs 34.89 to Rs 662.93 and Rs 22.53 to Rs 1858.50.

B.O.Punjanb (R) held the top position in active list with 60.554 million shares as it closed at Rs 4.96 after opening at Rs 5.73. B.O.Punjanb was on the second position with 47.019 million shares, shed Re 0.87 to Rs 14.90. It was followed by Pace (Pak)Limited with 25.437 million shares, up by Re 0.18 to Rs 5.52, Lotte Chemical with 25.331 million shares, grew by Re 0.44 to Rs 8.76 and Maple Leaf Cement with 19.324 millions shares, extended by Re 0.59 to Rs 23.42.

Courtesy: Nation

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