KARACHI

Stocks closed bullish amid hopes for political patch up as Govt team visited protesting leaders to handle political crisis.

The KSE benchmark 100-share index gained 200.41 points or 0.70 percent to end the trading at 28865.25 points compared to 28664.84 points of the previous day.

Samar Iqbal equity expert at Topline Securities said with political tensions declining after Government started negotiation with the parties protesting in Islamabad and US statement saying “Washington does not support any extra constitutional changes to the democratic system in Pakistan” also helped boost sentiments.

Recovery was seen at Karachi market with index gaining 0.69pc to 28,865.25 points. Packages closed lower limit after announcing June quarter result, she added.

Trading took place in 380 companies where gainers beat the losers 240 to 120 while the value of s 20 stocks remained intact. Unilever Foods was the biggest price loser of the day decreased by Rs 150 to Rs 800 followed by Bata (Pak) down by Rs 87 to Rs 3300. Rafhan Maize and Island Textile were the top price gainers of the day up by Rs 99.00 to Rs 10725 and Rs 42.50 to Rs 902.50.

Ahsan Mehanti analyst at Arif Habib Corp said that rupee fall and reports on deadlock in consultative talks impacted the sentiments later in the trading session.

Strong earning announcements in pharmaceuticals, M&A activity in insurance sector and expected ease in circular debt following tariff rationalisation measures linked by IMF for release of $550m tranche next month played a catalyst role in bullish activity in oil and energy sector stocks, he added.

The day turnover of market was 151.802 million shares after opening at 141.024 million shares and the value of traded  climbed to Rs 8.238 billion from Rs 7.261 billion while the capitalisation of the market maintained at Rs 6.750 trillion compared to Rs 6.701 trillion of a day earlier.

Active list was topped by Fauji Cement with 12.741 million shares as it closed at Rs 18.94 after opening at Rs 19.30. Pak Elektron was the second highest on volume chart with 11.876 million shares off by Re 0.37 to Rs 29.13. It was followed by Bank of Punjab with 10.101 million shares shed Re 0.21 to Rs 8.04, Maple Leaf Cement with 9.866 million shares added Re 0.06 to Rs 27.36 and Dera Ghazi Khan Cement with 5.429 million shares fell by Rs 1.17 to Rs 74.83.