Pakistan Stock Exchange witnessed bullish trend on the first day of the week. The benchmark KSE-100 index crossed 42,100 points psychological barrier. The index closed at highest-ever level of 42.133.54 points with a net gain of 291.98 points. The index hit 42,207.27 points intra-day high level however could not sustain due to selling in some stocks at the fag end.
Daily trading volume declined to 333.363 million shares as compared to 451.978 million shares traded in previous session. The market capitalisation increased by Rs 59 billion to Rs 8.528 trillion. Out of total 429 scrips, 206 closed in positive, 110 in negative while the value of 13 stocks remained unchanged.
Bank of Punjab was the volume leader with 48.534 million shares. It increased by Rs 1.00 to close at Rs 19.33 followed by TRG Pak that surged by Rs 1.75 to close at Rs 44.39 with 26.394 million shares. Azgard Nine increased by Rs 0.62 to close at Rs 8.24 with 11.449 million shares.
Sanofi-Aventis and Unilever Foods were the top gainers with Rs 79.87 and Rs 60.00, respectively to close at Rs 1677.37 and Rs 5760.00. Nestle Pakistan and Wyeth Pak were the top losers with Rs 69.67 and Rs 49.92, respectively to close at Rs 8,300.00 and Rs 3,593.04. An analyst at Global Securities said that following regional markets local bourse opened on an optimistic note with a positive change of 74 points over subsiding political pressure and conclusion of election in USA. Banking sector remained in limelight throughout the day and supported index the most with cumulative contribution of 90 points over mounting expectation of reversal in interest rates in upcoming monitory policy statement amidst rising CPI. Moreover E&P also supported the index by 55 points due to recovering international oil prices.
Ahsan Mehanti at Arif Habib Securities said that index closed all-time high level amid thin trade led by scrips across the board on bullish global equities. Subdued political noise, rally in global stocks on FBI clarity on Clinton investigation ahead of US presidential elections, strong corporate earnings outlook played a catalyst role in record close.