KARACHI - Bullish activity continued after $540m loan tranche approval by IMF amid speculations ahead of CPI inflation data for Mar’14 due early next week, an expert observed here on Wednesday.

The benchmark KSE 100-index posted a fresh gain of 151.78 points or 0.57 percent to conclude the day’s trading at 26821.92 points as compared to 26670.14 points of the previous day.  Equity dealer Samar Iqbal said market continued its recovery, led by banking stocks. PPL also rallied after announcing a discovery in Naushahro Feriz block, Sindh.

KSE allshare-index went up by 126.99 points or 0.63 per cent to finish the day at 20160.07 points, KSE 30-share index added 91.19 points or 0.48 per cent to stop the day at 19019.58 points while KMI 30-index increased by 226.73 points or 0.51 per cent to end the session at 44647.50 levels.  Market traded 123.438 million shares as compared to 111.998 million shares of the last working day and the value of traded shares increased to Rs 6.672 billion from Rs 6.284 billion. The capitalization of the market maintained at Rs 6.503 trillion after opening at Rs 6.462 trillion of a day earlier.

Trading took place in 370 companies where 199 closed in positive and 158 in negative while the values of 13 stocks did not change. Highest increased was witnessed in the price of Wyeth Pak Ltd XD, up by Rs 215 to Rs 4515, followed by Rafhan Maize XD, increased by Rs 103.50 to Rs 8600. Colgate Palmolive and Philip Morris Pak led the downhill trend, decreased by Rs 34.90 to Rs 1605.10 and Rs 12 to Rs 580.69. 

An analyst said activity mainly remained in second and third tier stocks. Higher local cement prices, rising international oil prices, support in chemical and automobile sectors on lower input costs after rupee appreciation played a catalyst role in bullish sentiments at KSE despite concerns for impact on exports of recent rupee appreciation.

Engro Fertilizer remained in limelight with 12.308 million shares, gained 0.6 % to close at Rs 59.91. Faysal Bank was the second highest with 2.5% price increase, closed at Rs 13.64. It was followed by Maple Leaf Cement with 7.295 million shares, gained Re 0.21 to Rs 29.83, Lafarge Pak with 4.651 million shares, up by Re 0.08 to Rs 11.25, and Fauji Cement XD with 3.921 million shares, off by Re 0.02 to Rs 17.22.