The Karachi stock market witnessed bullish activity the first day of the week on expectation of positive meeting of the government officials with international delegates for Pakistan rehabilitation, recon-struction & foreign debt waiver at Pakistan Development Forum.
Positive sentiment prev-ailed throughout the trading session with thin volumes on institutional buying & foreign interest in oil & power sector scrips despite global markets sell-off on US economic uncertainty, fall in internat-ional oil prices near to $85 and rising fiscal deficit & inflation concerns in the country.
The Karachi Stock Exc-hange’s benchmark 100-share index closed 0.33 percent, or 35.63 points, higher at 10,909.65. The KSE 30-index closed at 10,531.01 with a gain of 69.38 points. The KMI 30-index closed at 17426.67 with a gain of 83.48 points. All shares index closed at 7589.80 with a gain of 25.61 points.
Trading activity was minimal as compared to the last trading session as the ready market volume stood at 6.471 million as compared to last trading session’s 9.752 million. Future market volume however stood at 2.00 million shares as compared to 2.570 million shares of last trading session. Market capitalization stood over Rs 2.981trillion. 226 companies advanced, 149 declined and 23 remained unchanged.
Highest volumes were witnessed in Jah. Sidd.Co at 8.28 million, closed at Rs. 12.24 with a gain of Re. 0.58, followed by Lotte Pakistan PTA at 6.25 million, closed at Rs. 7.61 with a loss of Re. 0.05, and Hub Power at 7.57 milion, closed at Rs. 7.57 with a gain of Re. 0.63.
Ahsan Mehanti said that scheduled meeting between the heavy weights of the KSE with SECP high-ups, and the news in circulation regarding surprise package likely to be announced by the US ambassador (US representative did announce $50 million from KL bill surprise factor stayed alive), kept the hopes on the higher side.
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