KARACHI - The bulls kept dominating Karachi stocks market on Thursday with benchmark, KSE 100-share index gained 13.81 points.
The day saw the index closing up by 0.09 percent at 14, 730.67 points against 14, 716.86 points of Wednesday.
Pakistan Stocks closed higher amid institutional interest in blue chip stocks ahead of major earning announcements amid hopes for cut in SBP policy stance due to be announced on August 10; this was viewed by Ahsan Mehanti, Director at Arif Habib Investments Limited. On second last working day of the week Thursday, the trading volumes at the ready-counter were recorded lower at 102.963 million shares against 104.815 million shares of the previous day. The trading value increased to Rs 3.973 billion compared to Rs 3.442 billion of the previous session. The intraday high and low, respectively, stood at 14, 795.43 and 14, 714.94 points.
He added that the Pak-US accord signing on Nato supplies, fall in CPI for Jul’12 to 9.6pc, strong earnings outlook and hopes for release of $1.12bn payment from US against services to coalition forces played a catalyst role in bullish sentiments despite concerns for circular debt in Pakistan energy sector and power outrages for industrial sector.
The market capitalization grew modestly and increased to Rs 3.760 trillion from Rs 3.759 trillion a day earlier. Of the total 307 traded scrips, 112 gained, 165 lost and 30 finished as unchanged.
The free-float KSE-30 index adds 7.71 points to close at 12, 719.86 points against the previous 12, 712.15 points.
D.G.K Cement was the day’s volume leader counting its traded shares at 14.600 million with the opening and closing rates standing at Rs 47.43 and Rs 46.76, followed by, Maple Leaf Cement, Jahangir Siddiqui Company Limited, Fauji Cement, and Lafarge Pakistan with turnover of 8.130 million, 5.300 million, 5.116 million and 4.875 million shares respectively.
On the future market, the turnover decreased by over 4 million shares to 7.503 million against 11.307 million shares of Wednesday. The UniLever Pakistan and Colgate Palmolive, up Rs 300.00 and Rs 57.35, led highest price gainers while, Island Textile and ICI Pakistan, down Rs 10.00 and Rs 5.69 respectively, led the losers.