KARACHI - Stocks closed bullish after SBP slashed discount rates by 150bps in policy announcement on August 10.

The Karachi stock market benchmark KSE-100 share index added 150.48 points or 1.02 percent to stop the day’s trading at 14,911.97 points as compared to 14,761.49 points of the last working day on Friday.

Share market expert Ahsan Mehanti said investors took positions on leveraged stocks in cement, fertilizer and textile sectors on expectations of strong earnings outlook on discount rate cut. Strong earnings announcement by PPL, hopes for fall in CPI Inflation for August played a catalyst role in bullish sentiments despite concerns for pending decision of Supreme Court on NRO implementation cases, he added.

KSE-Allshare index gained 104.81 points or 1.01 percent to conclude the trading session at 10,487.99 points, KSE-30 share index increased 173.49 points or 1.37 percent to end the day at 12,860.01 points while KMI-30 share index augmented 638.63 points or 2.49 percent to close the day at 26,295.16 points.

Share market turnover rose to 195.084 million shares as compared to 37.629 million shares of the previous session and the value of traded share was ascended to Rs 6.726 billion from 1.524 billion. Market capitalisation settled at Rs 3.805 trillion after opening at Rs 3.767 trillion.  Trading took place in 298 companies where gainers held a strong lead over the losers 187 to 91 while the values 20 stock remained intact. Colgate Palmolive was the biggest price gainer of the day increased by Rs 45.57 to close at Rs 1359.00 followed by Bata (Pak) Limited up by Rs 34.00 to Rs 750.00. Unilever Food and Indus Motor Company were the top losers of the day down by Rs 75.00 to Rs 2750.00 and Rs 6.26 to Rs 260.75.

Karachi Electric Supply Company was the volume leader of the day with 19.577 million shares as it closed at Rs 5.27 after opening at Rs 4.27. Dera Ghazi Khan Cement was on the second position with 17.637 million shares up by Rs 2.05 to end at Rs 49.17. It was followed by Bank Al-Falah with 14.662 million, Fauji Cement with 13.346 million and Maple Lead Cement with 10.357 million shares.