Swing trend jacks up stock market 51 points

LAHORE - Bullish trend again witnessed in Karachi Stock Exchange on Tuesday when most of the time bourse hanged in the balance and observed a seesaw where self-assured investors remained busy in share trade frequently and propel the market to land into positive column at the closing time which gained 0.9546 per cent following the buying in leading scrips by government institutions as well as local investors. The Karachi Stock Exchange's benchmark KSE-100 index gained 50.92 points to close at 5,384.87 points as compared to 5,333.95 points on Monday. Volume remained at 140,966 million shares significantly downward compared to Monday's 177.966which is far below the average of 250 million shares traded daily last year. The market was opened on Tuesday with negative note and lost near 10 points but immediately bourse recovered and gained near 20 points but within half an hour it again sank up to 60 points but it recovered again and obtained over 20 points. However, it again landed near the cross line but in the negative side. At midday it secured round 20 points but at 12.30 again bourse sank to negative and lost meagre 5 points. Then it advanced towards further sinking arena and lost near 30 points. But at 2.00 pm it recovered and gained near to 70 points but at the closing time it could not sustain the gaining level and mustered only 51 points Monday trading witnessed negative mode of the bourse due to State Bank monetary policy but today (Tuesday) on account of announcement of sustaining interest rate by SBP, a seesaw was witnessed in the market but at the closing time of bourse, market remained positive. The positive trend of market, according to analysts, was because government institutions like NIT is actively involved in the market with its market supporting fund which had been allocated to buy eight major ill scrips which would be sale out to expatriate Pakistanis living in different countries of the world. This market supporting fund was the real cause of supporting the funds. Analysts are of the view the in the coming days, volume of trade might be increase on the back of attractive shares prices. While Lahore Stock Exchange gained 30.01 points as LSE-25 closed at 1,518.39 shares as compared to 1,488.38 shares on Monday trading wherein 14,794,300 shares were traded as compared to 20,317,500 shares on Monday while 53 remained equal, 30 shed values and 26 scrips moved up. At KSE, 96 scrips recorded gain, 152 landed in the negative column and 18 scrips remained unchanged out of a total of 266 companies. Meanwhile, the KSE-30 index also landed into advance column and gained 84.37 points wrapped up at 5,283.28 points while KMI-30 index also gained 9.22 points closed at 7,092.56 points. On Tuesday at KSE, volumewise leader remained NIB Bank shares. At KSE, NIB Bank being volumewise leader gained its value of Re 0.03 closed at 5.45 with volume of 21,669,000 shares followed by Pioneer Cement which also gained its value of Re 0.59 closed at Rs 9.27 with volume of 7,489,500 whereas Nishat Mills, Oil and Gas Dev Com and Jah Siddiq Com also landed in the positive column and gained Re 0.16, Re 0.89 and Rs 1.46 closed at Rs 1.14, Rs 45.51 and Rs 30.79 with volumes of 7,123,600, 6,753,600 and 6,139,900 shares respectively. While WorldCall Telecom, PTCLA and Zeal Pak lost their values of Re 0.10, Re 0.20 and 0.06 closed at Rs 2.94, Rs 15,29 and Rs 0.36 with volumes of 5,283,500, 4,594,300 and 4,463,500 shares respectively. National Bank, Arif Habib Sec and Nishat Mills Limited gained their values of Rs 2.44, Re 1.00 and Re 0.92 closed at Rs 60.00, Rs 20.39 and Rs 26.23 with volumes of 5,287,100, 4,405,100 and 4,384,000 shares respectively.

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