KSE 100-share index up by 60 points

OUR STAFF REPORTER KARACHI - The local equity market witnessed bullish activity on Wednesday, as the benchmark 100-index closed 60.86 points up, stimulated by institutional and foreign investors interest in commodity sector. The KSE 100-share index closed at 12,423.30 points against 12,362.44 points, a day earlier. The KSE 30-share index increased by 11.34 points to close at 11,561.47 points, and KSE all share index rose by 42.03 points to close at 8,616.54 points. The market turnover declined to 61.59 million shares compared to 67.07 million shares traded yesterday. Investor concerns over rising political uncertainty affected the trading activity but hopes for early resolution on political front in ruling coalition and renewed institutional interest in blue chip scrips on strong valuation played a catalyst role in positive close at KSE, said Ahsan Mehanti, Director at Arif Habib Investment Limited. Shares of 335 companies were traded on Wednesday. At the end of the day, 148 stocks closed higher, 99 declined and 88 remained unchanged. The KSE market capitalisation amounted to Rs3,270.98 billion or $38 billion while ready market volume recorded at Rs3.10 billion or $36.03 million. Engro Corporation Limited posted impressive performance during the day as the companys shares gained Rs165.50 and closed at Rs160.50. Fatima Fertilizer was the volume leader with 5.285 million shares, gaining Rs16.50 to close at Rs16.08 followed by Nimir Industries Limited with 4.044 million shares, gaining Rs3.07 to close at Rs2.70 and Byco Petroleum with 3.928 million shares, gaining Rs9.63 to close at Rs9.09.