KARACHI - Volume on the Karachi stock market hit a six-year high on Friday with investors hopeful of progress on capital gains tax reforms, dealers said.
The Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.61 percent, or 81.35 points, higher at 13,352.74 points.
Turnover rose to 552.79 million shares, its highest since March 2006.
“Volume touched a six-year high of more than 550 million shares in anticipation of progress on capital gains tax reforms,” said Samar Iqbal, a dealer at Topline Securities.
“Major activity was seen in low price stocks as NIB Bank (and) TRG.”
NIB Bank, volume leader, ended 51.85 percent higher at 2.87 rupees, and TRG Pakistan gained 36.6 percent to end at 3.62 rupees.
APP adds from Islamabad: Islamabad Stock Exchange on Friday witnessed bullish trend as the ISE 10-index gained 3.06 points to close at 2831.17 points.
Stock Analyst, Ismail Iqbal Pvt Ltd, Zaheer Ahmed told APP that the consecutive foreign buying led the bullish rally in the local markets. He said that the foreign investors had taken positions worth $8.7 million in the local bourse only from March 1 to date.
“Meanwhile, the market is expecting a positive result of Fatima Fertilizer to be announced on Monday (March 12)”, he added. He said that the company was expected to announce Rs.1.80 earning per share (EPS) along with Rs.1 dividend for whole year.
Total volume of shares traded was 362,470, which was up by 36,491 as compared to a day earlier’s closing. Out of 153 companies’ shares traded, the prices of 101 increased while the prices of 52 decreased.
The price of top gainer Siemens Pakistan Engineering increased by Rs.8.75 while the price of top loser Tri-Pack Films decreased by Rs.4.63. Fauji Cement, Silk Bank and Maple Leaf Cement remained volume leaders on Friday, with volumes 150,000, 100,000 and 40,000 shares respectively.