A bullish trend was witnessed on the local share market on Thursday on the back of expectations of early implementation of leverage product and the KSE-100 index surged by 178.20 points to close at the level of 12,459.44 points.
The market opened on positive note on continuous foreign investors support with fresh net buying of healthy $11.721 million. The local retail investors and institutions joined the rally following the news regarding early launch of leverage product. During the session, the index hit 12,479.71 points intra-day high level and remained in positive throughout the session.
Trading activities significantly improved, as the volumes at ready counter increased to 229.463 million shares, as compared to 143.155 million shares traded on Wednesday.
The overall market capitalisation increased by Rs 45 billion to Rs 3.369 trillion. Out of the total 409 active scrips, 215 closed in positive and 169 in negative, while the value of 25 stocks remained unchanged. Lotte Pakistan PTA was the volume leader with 59.415 million shares and gained Re 0.96 to close at Rs 15.50. DG Khan Cement inched up by Re 0.69 to close at Rs 31.02 with 25.483 million shares.
Fauji Fertiliser Bin Qasim lost Re 0.07 to close at Rs 39.12 with 12.940 million shares. Arif Habib Corp gained Re 0.69 to close at Rs 27.19 with 9.739 million shares. NBP increased by Rs 1.28 to close at Rs 79.24 with 6.961 million shares. NML surged by Rs 1.67 to close at Rs 69.71 with 5.307 million shares. Azgard Nine inched up by Re 0.28 to close at Rs 9.66 with 5.158 million shares. Kot Addu Power lost Re 0.13 to close at Rs 45.25 with 4.609 million shares.
Engro Corporation surged by Rs 4.06 to close at Rs 209.31 with 4.584 million shares. Attock Refinery lost Rs 1.26 to close at Rs 137.61 with 4.411 million shares.
Nestle Pakistan and Unilever Pak were the highest gainers increasing by Rs 45.40 and Rs 23.33 to close at Rs 2500.50 and Rs 4439.50, respectively, while Rafhan Maize and Indus Dyeing were the worst losers declining by Rs 16.98 and Rs 11.13 to close at Rs 2062.00 and Rs 216.57, respectively. Ahsan Mehanti at Arif Habib Investments said that bullish trend was witnessed at the local bourse on expectations of early launch of leverage product after expectation loom over law ministry approval on MTS concept paper.
He said that the bullish activity witnessed in blue chip scrips across the board on rising global capital markets, international oil prices near to $92 and continuing foreign interest at KSE ahead of earnings announcement session.
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