Karachi - Stocks closed all time high on renewed foreign interest in blue chip oil and banking stocks ahead of MOF roadshows for $500m foreign inflows via Eurobond and MSCI Frontier Index re-composition, analyst observed here on Tuesday.

At Karachi bourse benchmark KSE-100 share index posted a fresh gain of 405.59 points or 1.49 percent to end the day at 27565.50 points compared to 27159.91 points of the previous day.

AVP equity sales at Topline Samar Iqbal said government of Pakistan’s announced bond offering helped index to close at yet new high. Institutional support in index heavy weight oil and banking stocks helped benchmark index to cross 27,560 level while cement stocks also remained on investors’ radar along with Engro Foods and Engro Fertilizer. OGDC, MCB, LUCK, and PSO added over 200 points in index gain.

With 60pc increasing volume of 220 million shares volume rose to Rs 11.622 billion from Rs 6.925 billion while the capitalization of the market settled at Rs 6.652 trillion compared to Rs 6.579 trillion of a day earlier.

Trading took place in 369 companies where gainers out numbered the losers 229 to 118 while the value of 22 stocks remained intact. Nestle Pak was the biggest price loser of the day decreased by Rs 429.68 to Rs 8164.07 followed by Unilever Foods off by Rs 99.99 to Rs 8900.  Bata (Pak) and Pak Tobacco were the top price gainers of the day up by Rs 126.49 to Rs 2863.24 and Rs 41.52 to Rs 1317.21. 

Experts said favorable CPI Inflation data for Mar’14 which stood at 8.53pc YoY, speculations ahead of quarter end earning announcements and institutional interest in cement and textile stocks on strong valuations played a catalyst role in bullish sentiments at KSE.

Volume chart was led by Lotte Chemical with 24.346 million shares added Re 0.93 to Rs 8.03. Bank of Punjab was the second highest on the list with 19.282 million shares as it closed at Rs 10.73 after opening at Rs 10.45. It was followed by Lafarge Pak with 9.943 million shares grew by Re 0.09 to Rs 11.29, Summit Bank with 9.796 million shares up by Re 0.10 to Rs 3.48 and Engro Fertilizer Ltd with 9.202 million shares added Re 0.64 to Rs 60.84.