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Closing: 75 points gain helps KSE cross 30,000 barrier

Closing: 75 points gain helps KSE cross 30,000 barrier

KARACHI: The major stock exchange of the country, the KSE 100-index, crossed the psychological barrier of 30,000, gaining just 74.97 for today, Thursday, to reach 30071.58 points and volume of 107,311,490 shares.

Earlier in the morning, KSE made a wonderful start and crossed 30,000 psychological barrier by gaining 129.56 points and reached 30126.17. The market has gained 69.45 points and reached 30066.06, recording a positive change of 0.23 percent till midday. Later, the market even made up to 150 points gain but could not sustain momentum and closed with 75 points addition in yesterday benchmark.

On Wednesday, benchmark KSE-100 remained in green zone and added 270.22 points to reach 29996.61 points and volume of 72,096,640 shares.

The highest increase witnessed in price of Nestle Pak. XD with price per share 7700.00 (100.00), Rafhan Maize with price per share of 11250.00 (50.00) and Philip Morris Pak. share of 817.39 (38.92) while the Murree Brewery with price per share of 1002.94 (-52.56), Shezan International with price per share of 915.34 (-39.95) and Exide (PAK) per share of 990.00 (-25.00) remained the biggest losers of the day.

As a whole, 32.07 percent of companies witnessed increase in their shares while 24.30 percent lost their share value and 2.81 percent companies remained stable.

Many veteran businessmen were of the view that the show of power by Pakistan Tehreek-e-Insaf in various cities may increase confusion between investors in the stocks market, which has already showed a dim trend after two days of ample gains, crossing 30,000 point line. “The traders may warm up for better trading before coming holidays, but it depends on many other things than mere five days closure,” they added.

On the political front, the controversial slogan of ‘Go Nawaz Go’ has been going viral in every meeting and conference, creating more pressure on the PM to resign on rigging allegations. In a recent incident one student was shot and injured after a fight broke out between two groups of students for chanting ‘Go Nawaz Go’ in Peshawar’s Islamia College University.