KARACHI - Trading volumes at Karachi Stock Exchange on Wednesday remained higher due to what analysts said was renewed foreign interest despite uncertainty in global stocks and commodities. The benchmark KSE 100-share index gained 77.02 points to close at 13,360.67 points as compared to 13,283.65 points of the previous session. Trading took place in 405 companies where gainers held a strong lead over the losers by 218 to 100 while 87 shares holding onto the last level.
Higher local fertiliser prices, easing circular debt concerns in power sector after increase in tariff and US offer for help to overcome energy crises in the country played a catalyst role in bullish sentiments at KSE, viewed Ahsan Mehanti, a director at Arif Habib Investments.
The bourse witnessed a rising turnover and traded 347.208 million shares after opening at 313.592 million shares. The trading value surged to Rs 5.830 billion from the previous Rs5.263 billion. Market capitalisation modestly grew to Rs3.467 trillion from Rs3.454 trillion a day earlier.
According to Mehanti, the investors’ hopes for reformed CGT regime implementation from April 1, higher global commodities and stocks played a catalyst role in bullish sentiments post major earning announcements at KSE.
Accumulation continued in stocks lead by second and third tier scrips on strong valuations, said the analyst.
KSE All share-index added 56.90 points or 0.61 per cent to conclude the day at 9,347.98 points, KSE 30-share index increased by 17.09 points or 0.14 per cent to stop the day at 11,927.10 points while the KMI 30-index gained 74.64 points or 0.33 per cent to finish the day at 23,009.41.
“The index needs a good turnover to march further on the recovery road while any close below 13,230 will attract selling pressure,” said Abdul Azeem of InvestCap.
The active list was again topped by Jahangir Siddiqui and Company with volume of 21.289 million shares as it closed at Rs7.13 after opening at Rs6.80, followed by NIB Bank Ltd, Bank Al-Falah, TRG Pakistan, P.T.C.L.A and Azgard Nine with volumes of 19.659 million, 18.659 million, 17.111 million, 15.258 million and 11.289 million shares respectively.
Plus sign dominated the list under the lead of Nestle Pak SPOT and Island Textile, up by Rs70.11 and Rs10.19, while the top losers were led by the East West Ins.XB and Bata (Pak) Ltd, down by Rs12.37 and Rs11.04 respectively.