KARACHI

Stocks closed higher on institutional support in selected stocks across the board. KSE benchmark index increased by 0.7pc.

Nadeem Moulvi Director MM Securities told The Nation foreigners interest in the market encourage the local investors. Upcoming results of the different institutions will be clarified the market pace.

Market took its up ward trend at the end of uncertainty while any political turmoil bring negative impact in the market, he said and added low fuel prices further support the country’s foreign reserves which is good sign for the market.

At local equity market KSE 100-index posted a fresh gain of 201.05 points or 0.71 percent to end the day at 28505.55 points compared to 28304.50 points of the previous day.

Equity experts said speculations ahead of Pak Oil Fields financial results tomorrow, record earnings announcement by Engro fertilizers and positive response of PM address to the nation on prevailing political crisis impacted the sentiments amid cautious activity ahead of Revolution March and Azadi March called by opposition leaders on August 14.

KSE-Allshare index up by 127.06 points or 0.61 percent to end the trading at 20912.28 points, KSE-30 index grew by 151.98 points or 0.77 percent to finish the trading at 19862.15 points while KMI- 30 index extended by 341.38 points or 0.75 percent to stop the day at 46115.93 points.  Trading took place in 355 companies where gainers beat the losers 237 to 100 while the value of 18 stocks remained intact.

Rafhan Maize was the highest price losers of the day down by Rs 160 to Rs 10100 followed by Pak Tobacco decreased by Rs 52.93 to Rs 1025. Nestle Pak and Bata (Pak) were the biggest price gainers of the day increased by Rs 99.87 to Rs 7499.87 and Rs 39.74 to Rs 3324.38.

The day turnover of market in term of shares was 133.853 million shares compared 220.657 million shares of the previous day and the value of traded shares was reduced to Rs 7.030 billion from Rs 10.587 billion of a day earlier. The capitalisation of KSE settled at Rs 6.696 trillion compared to Rs 6.655 trillion of the previous session.

Active list was topped by Bank of Punjab with 12.620 million shares as it closed at Rs 7.82 after opening at Rs 7.56. Maple Leaf Cement was the second highest on volume chart with 8.065 million shares grew by Re 0.37 to Rs 27.37. It was followed by Lafarge Pak with 7.944 million shares marginally up by Re 0.01 to Rs 15.52, Engro Fertilizer Ltd with 5.183 million shares up by Rs 1.61 to Rs 54.21 and Faysal bank with 4.170 million shares higher by Re 0.31 to Rs 16.31.