The index continued its bull run as it ended yet another day on a positive note. While late profit-taking trimmed gains somewhat, the bourse still managed an increase of 208 points as volumes clocked in over 350 million shares.
At close yesterday, the Karachi Stock Exchange (KSE) benchmark 100-share index rose 0.61% or 208.20 points to close at 34,329.50.
Momentum was primarily driven by fertilisers, namely Fauji Fertilizer (FFC PA +5%), as investors opted to build exposure in yield stocks.
The auto sector also remained in the limelight with local buying interest in Indus Motors Company (INDU PA +5%) and Pak Suzuki Motors (PSMC PA +2.9%) on expectations of sales growth in forthcoming quarters.
In textiles, Nishat Mills (NML PA +1.2%) managed to close in the black as investors focused on portfolio value and better outlook, while spinning player Nishat Chunian (NCL PA -4.4%) lost ground on weak margins.
Trade volumes slightly rose to 355 million shares compared to 315 million on Tuesday.
Shares of 400 companies were traded yesterday. Of these, 198 companies declined, 180 closed higher and 22 remained unchanged. The value of shares traded during the day was Rs21.9 billion.
Jahangir Siddiqui and Company was the volume leader with 29.7 million shares, gaining Rs0.90 to close at Rs18.95. It was followed by Fauji Fertilizer with 18.18 million shares, gaining Rs5.59 to close at Rs131.95 and K-Electric Limited with 16.58 million shares, losing Rs0.35 to close at Rs9.90.
Foreign institutional investors were net buyers of Rs111 million worth of shares during the trading session, according to data compiled by the National Clearing Company of Pakistan Limited.
