Karachi - Bullish rally witnessed at KSE with investors’ interest in stocks across the board on renewed foreign interest in banking and oil stocks after rupee touched 14 month high against dollar in interbank market.
Equity posted another fresh gain of 343.57 points or 1.28 percent to end the day at 27165.49 points compared to 26821.92 points of the previous day.
Analyst at Arif Habib, ahsan Mehanti said strong institutional interest in banking stocks on higher banking spreads and higher net interest margins following record PIB auction on Wednesday impacted the sentiments ahead of quarter end close.
Expectations for rising foreign exchange reserves, speculations ahead of CPI Inflation data for Mar’14 and rising international oil prices played a catalyst role in bullish sentiments at KSE, he added.
Out of 379 companies 200 closed in positive and 152 in negative while the value of 27 stocks remained intact. Rafhan Maize XD was the biggest price gainers of the day up by Rs 430 to Rs 9030 and Bata (Pak) grew by Rs 48.33 to Rs 2800. Highest decreased witnessed in the price of Nestle Pak down by Rs 400.20 to Rs 8549.80 followed by Unilever Foods down by Rs 100 to Rs 8900.
Dealers said mainly led by banking stocks and supported by oil stocks and Engro Foods, benchmark index rallied 1.28pc.
Govt raising record Rs.530b amount in PIB auction yesterday brought renewed interest in banking sector as investors anticipate better earnings going forward.
Market traded 254.991 million shares after opening at 123.438 million shares and the value of traded shares was climbed to Rs 11.051 billion from Rs 6.672 billion. Capitalisation of the market settled at Rs 6.567 trillion after opening at Rs 6.503 trillion of day earlier.
FABL remained the volume leader with 33.592 million shares and gained by 4.5pc to Rs 14.35, Summit Bank was the second highest with 26.699 million shares up by Re 0.84 to Rs 3.27.
It was followed by Adamjee Ins with 12.453 million shares grew by Rs 1.88 to Rs 46.97, Bank Al-FalahXD with 10.346 million shares gained Re 0.98 to Rs 26.97 and Bank of Punjab with 9.374 million shares added Re 0.08 to Rs 10.42.