KSE-100 index soars 151.07 points

The Karachi share market on Wednesday reached a new high as the KSE-100 index closed at 13,477.24 points, thus gaining 151.07 points, on fresh buying by foreign investors in banking stocks and by local investors in cement sector. The KSE-30 index also had its share, surging by 100.71 points and closing at 16,931.25 points level.
The market opened on a strong positive note and the KSE-100 index hit 13,490.99 points high level. However, profit taking in some select scrips on available margins pushed the index down to 13,318.28 points intra-day before making a sharp recovery.
The market witnessed heavy trading activity and the ready volume increased to 425.442 million shares from 336.637 million shares of Tuesday, and the futures turnover increased to 76.670 million shares against 63.217 million shares. Market capitalisation surged by a hefty Rs 42 billion to Rs 3.911 trillion. Trading took place in 398 scrips, out of which 211 scrips were gainers and 147 scrips losers, while the value of 40 scrips remained unchanged.
Pakistan Cement was the star performer with 36.570 million shares and surged by Rs 0.85 to close at Rs 16.05. It was followed by Lucky Cement which gained Rs 0.50 to close at Rs 122.40 with a turnover of 30.894 million shares. Among other cement stocks, Maple Leaf increased by Rs 1.15 to close at Rs 24.15, while DG Khan lost Rs 1.50 to close at Rs 118.50.
BoP, Bank Al Falah, NBP and Askari Bank gained Rs 3.25, Rs 2.80, Rs 6.95 and Rs 1.00 to close at Rs 115.85, Rs 58.95, Rs 260.45 and Rs 100.95 respectively. Fauji Fertiliser Bin Qasim lost Rs 0.05 to close at Rs 37.05 and TRG gained Rs 0.15 to close at Rs 13.20. IGI Insurance and Pak Services were the highest gainers which gained Rs 18.90 and Rs 18.50 to close at Rs 397.55 and Rs 388.50 respectively, while Wyeth Pak and Unilever were the highest losers which lost Rs 40.00 and Rs 19.00 to close at Rs 2025.00 and Rs 2233.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the cement sector led the share market with the support of local investors, and other relevant stocks closed at their upper locks. Foreign investors showed interest in banking sector, especially in BoP and NBP. The expected launch of UBL''s GDRs in the international market in the first half of next year encouraged foreign investors to take fresh positions. Increase in oil prices in international market was another signal which invited buying.