KARACHI: The Karachi Stock Exchange (KSE) 100-index 70.47 points to reach 30663.78 points and volume of 211,621,120 shares on Thursday by maintaining all time high postion.
Earlier, stocks consolidated its overnight rally and kept on upward march, adding another 162 points or 0.53 percent to take the benchmark KSE-100 to 30755 points level till 9:45am.
The market opened at overnight closing of 595 points and appeared buoyant, maintaining upward trend. The market sustained bullish mood as was indicated by experts and analysts.
Till midday, KSE maintained its record breaking rally and further gained 175 points to reach historic peak of 30768.53 points level with total volume of 111,855,850 shares.
Moreover power producers to likes of Hubco and Nishat Chunian Power were able to register firm gains on the back of lower Consumer Price Index (CPI) and growing prospect of discount rate cut in near future. Lucky Cement and Bank Al Falah were major gainers on institutional and foreign buying.
High and Low were 30821.29 and 30593.31 respectively. Total volume traded in the market was 211,621,120 shares.
Trade volumes rose to 293 million shares compared to 232 million on Wednesday.
Shares of 385 companies were traded on Thursday. Of these, 166 companies declined, 197 closed higher while 22 remained unchanged. The value of shares traded during the day was Rs15.4 billion.
Experts predicted that recent confidence in market will improve in coming days, boosting trade activities at stocks and currency markets. “The Bullish trend is being attributed to the government’s renewed efforts to revive privatization and restart of IMF discussion bode well and should reassure investor’s confidence on the back of growing signs of macro stability and reduced political uncertainty,” they added.
