karachi - After some correction on Thursday market rebounded mainly led by cement stocks.
At local equity market benchmark KSE-100 share index added 120.43 points or 0.59 percent to stop the day at 20537.03 points compared to 20416.60 points of the previous day.
Fauji Cement, PIOC and DGKC rallied in anticipation that the Government will allocate high budget for development expenditures. PSO gained Rs 9 as investors think that any resolution of circular debt will help oil marketing company, dealers observed.
KSE-Allshare index gained 75.33 points or 0.52 percent to close the day at 14467.75 points, KSE-30 share index higher by 46.89 points or 0.30 percent to close the day at 15921.28 points while KMI-30 share index increased by 286.42 points or 0.83 percent to conclude the session at 34985.51 level.
Market traded 372.302 million shares on last day of trading week and the value of traded shares was climbed to Rs 9.102 billion from Rs 8.398 billion. The capitalisation of Karachi stock market settled at Rs 4.989 trillion after opening at Rs 4.966 trillion of a day earlier.
During the session 381 companies participated in the trading where gainers beat the losers 242 to 113 while the value of 26 companies remained intact. Rafhan Maize XD was the biggest price gainer of the day up by Rs 222.40 to Rs 4670.40 and Bata (Pak) increased by Rs 84.50 to Rs 1825. Colgate Palmolive and Fazal Cloth Mills were the top losers of the day decreased by Rs 100 to Rs 1900 and Rs 5.41 to 102.94.
Bank of Punjab was the top traded company of the day with 48.871 million shares up by Re 0.25 to Rs 1.75. Fauji Cement was on the second position with 31.319 million shares extended by Re 0.26 to Rs 10.73. It was followed by Lafarge Pak Limited with 23.187 million shares enlarged by Re 0.75 to Rs 7.08, Dawn Cement with 18.678 million shares grew by Re 0.57 to Rs 6.06 and Maple Leaf Cement with 18.046 million shares up by Rs 1 to Rs 20.35.
In a weekly review equity dealer at Topline Securities Samar iqbal said market witnessed post election rally after one political party reaching close to majority. Investors feel that stable Government will force economic leaders to take bold steps to put economy back on track. Foreign fund managers also remained aggressive buyers during the week. Market gained 3pc to close to historical level with average volumes also increased to Rs.9.8b.