KARACHI – The Karachi stock market maintained its upward drive on Friday as investors cheered record earning announcements and payouts in oil, banking and fertilizer stocks.
The benchmark KSE 100-share index increased by 91.44 points or 0.74 percent to finish the day at 12,495.68 points as compared to 12,404.24 points of Thursday.
Ahsan Mehanti, stock analyst, said government’s commitment for Iran-Pak gas pipeline project, higher global commodities, easing political outlook and expectation of official announcement on resolution of CGT issue played a catalyst role in bullish sentiments.
The KSE Allshare-index gained 63.36 points or 0.73 per cent to stop the day at 8,696.45 points, KSE 30-share index went up by 99.61 points or 0.86 percent to close the session at 11671.63 while the KMI 30-share index gained 113.49 points or 0.51 percent to conclude the day at 22,254.87 points.
“Led by both large and small cap stocks, Karachi bourse witnessed a rising turnover of more than 233 million shares equivalent to Rs 7b. The rally was led by Engro Corp excellent payout, which triggered buying in all the leading shares,” stock analyst Samar Iqbal said.
Volume figure soared to 233 million shares after opening at 205 million shares as gainers again held a lead over the losers by 138 to 121 with 81 shares holding on the last level.
Active list was topped by Jahangier Siddiqi Company with 30.603 million turnover, as it closed at Rs 9.41 after opening at Rs 9.17, followed by DGK Cement, Azgard Nine, Lafarge Pakistan and Fauji Cement with volumes of 27.203 million, 23.660 million, 18.541 million and 13.573 million shares respectively.
Plus signs dominated the list under the lead of Millat Tarctors Limited and Attock Petroleum, up by Rs 21.75 and Rs 18.85, while the prominent losers included Atlas Honda Limited and Shahtaj SugarXD, down Rs 5.66 and Rs 3.29 respectively.