KSE gains 350 pts on strong earning outlook

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KARACHI: Stocks showed strong recovery amid higher trades on below expected global reaction on controversial Pak-Iran gas pipeline project.

The Karachi stock exchange posted a fresh gain of 350.29 points or 2 percent to stop the trading at 17,872.85 points compared to 17,522.56 points of the previous day.

Bullish activity continued in stocks across the board after reports on delay of CCP hearing of PTCL, easing gas shortage issues for fertilizer companies and strong earning outlook at KSE amid consolidation, analyst observed here on Tuesday.

KSE-Allshare index grew by 211.34 points or 1.71 percent to close the day at 12,576.10 points, KSE-30 share index up by 263.15 points or 1.85 percent to stop the day at 14,482.51 points while KMI-30 share index added 562.35 points or 1.85 percent to finish the day at 30,994.19 points.

Market traded 211.067 million shares after opening at 234.655 million shares and the value of traded shares was minimised to Rs 6.848 billion from Rs 8.226 billion. Capitalisation of stock market settled at Rs 4.436 trillion compared to Rs 4.368 trillion of a day earlier.

A dealer said market recovered sharply after no sanction related statement from US. Investors took sigh of relive and covered their position after realising that Iran-Pakistan pipeline may not post major risk. Engro and NML closed at upper limit due to institutional buying.

Trading took place in 348 companies where gainers held a strong lead over the losers 236 to 84 while the value of 28 stocks remained intact. Colgate Palmolive and Indus Dyieng SD  were the top price gainers of the day up by Rs 90 to Rs 1900 and Rs 20.17 to Rs 487.67. Downhill trend was led by Rafhan Maize SPOT decreased by Rs 196.45 to Rs 3733.50 followed by Unilever  Pak down by Rs 19 to Rs 10701.

PIAC (A) was the volume leader of the day with 24.026 million shares up by Re 0.34 to Rs 6.90. Telecard Limited was on the second position with 16.825 million shares higher by Re 0.76 to Rs 6.16. It was followed by Engro Corporation with 14.429 million shares increased by Rs 6.12 to Rs 128.65, JS Company with 13.384 million shares extended by Re 0.28 to Rs 14.22 and PTCLA with 12.741 million shares enlarged by Re 0.81 to Rs 21.08.

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