KARACHI – Stocks turned bullish with higher volumes on Thursday after record earnings announcements by Engro and renewed institutional and foreign interest.
The KSE 100-index posted a fresh rise of 93.20 points and closed at 12,404.24 points as compared to 12,311.04 points of Wednesday.
“Excellent payout by Engro Corp lifted the market which saw a turnover of more than 200 million shares. Investor’s interest remained focused on mid-cap stocks like FCCL JSCL, ANL and Fatima Fertilizer. With corporate result season in full swing, market activity is expected to remain healthy,” analyst Samar Iqbal said.
KSE Allshare-index increased by 67.72 points or 0.79 percent to finish the day at 8,633.09 points, KSE 30-share index went up by 82.89 points or 0.72 percent to end the day at 11,572.02 while the KMI 30-share index added 126.54 points or 0.57 percent to conclude the day at 22,141.38 levels.
Analyst Ahsan Mehanti said, “Strong earnings outlook in cements, oil and banks, higher global commodities, positive political outlook after government and opposition joined hands to push National Assembly for interim setup and restoration of law makers played a catalyst role in bullish sentiment.”
Trade volume maintained its upward drive rising to 205 million shares from the previous 172 million shares. Gainers had edge over the loosers by 149 to 59 with 71 shares holding on the last levels.  The active list was topped by Fauji Cement with 22.910 million shares as it closed at Rs 4.98 after opening at Rs 4.62, followed by Jahangir Siddiqi Company, Bank Al-Falah, Lafarge Pakistan and Azgard Nine with volumes of 20.853 million, 15.763 million, 11.785 million and 10.669 million shares respectively.
Rafhan Maze Product and UniLever Pakistan Limited were the highest price gainers of the day, up by Rs 95.30 and Rs 60.20, while the top losers were led by the Bata Pakistan Limited and Siemens Pakistan, down by Rs 26.42 and Rs 14.44 respectively.