KARACHI

Karachi shares market closed to its historic high level as investors are expecting robust June quarter earnings.

The KSE-100 index closed at 36,157 points up by 235.12 points or 0.65pc with rising volumes of 337m shares worth of Rs.15.7b/ $157m.

AGTL gained 4pc and ABL closed 1pc up after their June earnings announcements were slightly better than the expectations.

Renewed interest in PAEL was seen before June result as it remained the volume leader with 16m shares (Rs.1.4b/ $145m) stock closed at 5pc upper limit.

Institutional support helped EFOODS closed at 5pc upper limit with 3.7m shares of volume (Rs.619m/ $6m). Inspite of better June earnings, stock remained under selling pressure for last few trading sessions.

Drug companies also rallied with Feroz, Glaxo, Searle and Hinoon gaining 5pc, stated dealers at Topline brokerage.

Analyst Ahsan Mehanti observed, stocks closes all time high on record profits declared in the banking scrips. Bullish activity was led by selected stocks across the board after recovery in global commodities supporting the index for a record close.

Expectation for approval of next IMF tranche under extended funds facility this month, APTMA decision to call off strike on WHT issue and fresh government commitments on privatisations of SOEs played a catalyst role in bullish close.