KARACHI - Market continued its rally after gaining another 200 points with decent volumes amid expectations of better June earnings.

The Karachi stock market benchmark KSE-100 share index posted a fresh gain 200.80 points or 0.86 percent to end the day at 23437.99 points compared to 23237.99 points of last working day before Eid holidays.

Equity dealer at Topline Samar Iqbal said index heavy weight oil stocks and cement manufacturers witnessed renewed buying interest. BOP and FCCL fetched 30pc of total volume where both the stocks hit their upper circuit breakers.

KSE-Allshare index up by 135.35 points or 0.81 percent to close the day at 16746.77 points, KSE-30 share index added 151.17 points or 0.84 percent to close the day at 18227.72 points while KMI-30 share index gained 385.32 points or 0.95 percent to conclude the session at 40806.17 points.

The day turnover of stock market in term of shares was 249.524 million shares after opening at 175.217 million shares and the value of traded shares was climbed to Rs 9.923 billion from Rs 8.761 billion. Capitalisation of the equity market maintained at Rs 5.759 trillion compared to Rs 5.173 trillion of the previous session.

An analyst said stocks closed bullish on strong earnings outlook. Rally was led by oversold stocks across the board on speculations ahead of major earning announcements this next week. 

Renewed foreign interest in oil and banking stocks, easing circular debt concerns after raise in power tariff and hopes for early privatisation of SOEs played a catalyst role in bullish activity at KSE. Institutional support remained in banking stock amid expectations for SBP tightening after CPI clocked at 8.2pc in July’13.

Trading took place in 378 companies where gainers outnumbered the losers 251 to 108 while the value of 19 stocks remained intact. Wyeth Pak Limited was the biggest price gainer of the day up by Rs 111.21 to Rs 2335.48 followed by Rafhan Maize grew by Rs 74.95 to Rs 5199.95. Downhill trends were led by Nestle Pakistan and Gillette Pak decreased by Rs 50 to Rs 6250 and Rs 18.71 to Rs 355.67 respectively. Bank of Punjab was the top traded company of the day with 52.329 million shares as it closed at Rs 14.62 after opening at Rs 13.68. Fauji Cement was on the second position with 23.721 million shares up by Rs 1 to Rs 15.95.

It was followed by National Bank with 17.308 million shares shed by Re 0.24 to Rs 57.09, PTCLA XD with 11.077 million shares higher by Re 0.23 to Rs 27.09 and NIB Bank Limited with 9.843 million shares shed by Re 0.03 to Rs 2.67.