KARACHI

Stocks closed bullish at year end close on institutional interest in selected scrips across the board following IMF approval for release of $556m on third review of Extended Fund Facility and CCoP approval for PPL privatisation bid.

KSE benchmark 100-index posted a fresh gain of 308.77 points or 1.05 percent to end the day at 29652.53 points compared to 29343.76 points of the last working day on Friday. 

Analyst Ahsan Mehanti said renewed foreign interest in oil stocks, expected payments on pending circular debt and expected M&A activity in cement sector played a catalyst role in bullish activity at KSE despite concerns for rising political uncertainty.

KSE-Allshare index increased by 176.65 points or 0.81 percent to end the trading at 21973.16 points, KSE-30 index gained 262.16 points or 1.30 percent to finish the session at 20415.95 points while KMI-30 index added 789.57 points or 1.68 percent to close the trading at 47686.55 points.

Trading took place in 331 companies where losers beat the gainers 168 to 140 while the value of 23 stocks remained intact. Wyeth Pak Limited was the biggest price gainer of the day up by Rs 130.62 to Rs 4450 followed by Rafhan Maize up by Rs 125.09 to Rs 11799.99. Pak Tobacco and Island Textile were the top price losers of the day decreased by Rs 66.46 to Rs 1265 and 37.75 to Rs 860. 

A dealer said renewed interest in large cap helped index gain on the last day of June, making Pakistan one of the best performing markets in the first half. Benchmark index gained over 1pc to close at 29,652. PPL gained 3pc post book building as strike price came higher than expectations. PSO gained 2pc amid expectations of getting some amount on account of circular debt and LUCK also closed 5pc up as investors took fresh positions in the stock.

Volumes increased by 7pc to 156.568 million shares and the value of traded shares rose by 7pc to Rs 8.455 billion. Capitalisation of the market maintained at Rs 7.022 trillion after opening at Rs 6.966 trillion.

Volume chart was led by Arif Habib Corp with 16.049 million shares as it closed at Rs 27.84 after opening at Rs 26.95. Sui South Gas was the second highest in volume chart with 14.916 million shares up by Rs 1.16 to Rs 36.66. It was followed by Bank of Punjab with 11.616 million shares up by Re 0.10 to Rs 9.10, Byco Petroleum with 11.436 million shares off by Rs 1.19 to Rs 11.40 and Lafarge Pak with 10.247 million shares shed by Re 0.28 to Rs 15.98.