Clarification of Chinese support market rebound KSE-100 Index sees U-turn closing higher by 585 points
Ghulam Raza Rajani
KARACHI: After witnessing negativity of 1,000 plus points in past 2 days market took uturn seeing an increase of almost 1.5 per cent. Clarification of finance minister regarding immediate Chinese support to Pakistan became the foremost reason for positivity. Higher level of interest from mutual funds assisted market to end the day on a high.
The benchmark KSE-100 index closed higher by 585.45 point to close at 41,543.98 points. KSE All Share Index increased by 261.50 to end at 30,022.96, KSE 30-Index enhanced by 309.15 points to conclude at 20,039.51, whereas KMI 30-Index improved by 1,261.64 points to finish the day at 71,589.61 level.
Murtaza Jafar at
Elixir Securities said Benchmark KSE100 Index closed in green at 41,546 levels with aggressive buying witnessed in Construction and Materials Sector as investor cheered clarification from Finance Minister on PM Khan's visit to China where he successfully secured economic package of USD6bn. Lucky Cement Limited LUCK PA +4.56%, D.G Khan Cement Company Limited DGKC PA +5% and Pioneer Cement Limited PIOC PA +5% were the star performers today while Bank of Punjab BOP PA +5.14% and Lotte Chemical Pakistan Limited LOTCHEM PA +5.59% were volume leaders today with combined ~56mn shares traded today. Going forward, Investors are expected to follow developments on financial program negotiations with IMF delega- tion.
The advance to decline ratio in the broader market remained in favor of bulls. Out of 375 scrips, 284 scrips advanced, 75 declined while the value of 16 scrips remained intact.
The ready market volume increased by 22.216 per cent to 276.9299 million shares as compared to 230.3604 million shares traded on last trading day.
Bank of Punjab topped the list of actives, higher by Rs 0.71 at Rs 13.35 on 35.03 million shares, followed by Lotte Chemical Limited increased by Rs 0.97 at Rs 18.86 on 21.24 million shares and Pakistan Elektron Limited improved by Rs 0.10 at Rs 31.88 on 16.04 million shares.
Other actives were Engro Polymer & Chemical Limited