KARACHI - Stocks closed higher in pre-budget rally at KSE on renewed foreign interest and institutional support.
The bench mark KSE-100 share index added 40.34 points or 0.29 percent to conclude the trading session at 14,071.85 points as compared to the 14,031.51 points of the last working day. Samar Iqbal equity dealer at Topline Securities said market failed to sustain the rally after pressure on Pakistani currency. Investors preferred to book gains at upper level after realising that local currency is posting record lows. Cement sector saw some profit taking while active support was seen in Engro Corp.
KSE-Allshare index gained 29.16 points or 0.30 percent to stop the day at 9,909.16 points, KSE-30 share index up 4.15 points or 0.03 percent to finish the day at 12,243.28 points while KMI-30 share index shed 5.83 points or 0.02 percent to close the day at 24,371.14 level. Expert observed recovery in global stocks and commodities on expectations for ease in Eurozone debt crisis, speculations amid federal budget announcements due this week played a catalyst role in bullish sentiments despite concerns for rising political uncertainty and violence in the city. Trade remained thin on cautious activity amid hopes for early resolution of NATO supply issue leading to release of US military aid to Pakistan, he added.
Activity took place in 384 companies at Karachi stock market where 177 stocks closed positive and 147 negative while the value of 60 actives remain intact. Equity market traded 160.177m shares after opening at 181.329m shares and the value of traded shares was Rs 5.835b as compared to Rs 5.725 billion of the last trading session. Active list was topped by JSCO Co with 11.590 million shares as it closed at Rs 16.25 after opening at Rs 16.14 added Re 0.11. Bankislami was on the second position with 8.839 million shares gained Re 0.43 to close at Rs 12.04. It was followed by DGK Cement with 8.679m shares shed Re 0.76 to lock at Rs 43.14, Engro with 7.593m shares increased Rs 3.95 to end at Rs 113.70 and Lotte PakPTA with 6.688m shares up Re 0.09 to close at Rs 8.49.
The biggest gainer for the day was Unilever PakXD up by Rs 139.05 to close at Rs 7,239.18 followed by Nestle Pakistan Limited up by Rs 102.14 to stop at Rs 3.928.57. Major loser included Indus Motor Company down by Rs 8.66 to stop at Rs 282.34 and Philip Morris lowered by Rs 7.93 to close at Rs 153.12.