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Closing: KSE crosses 30,000 mark with 171 points gain

Closing: KSE crosses 30,000 mark with 171 points gain

KARACHI: The Karachi Stock Exchange (KSE) 100-index with a slow start after holidays succeeded to gain 171.01 points to cross 30,000 mark and reach 30149.95 points. Volume of 107,520,680 shares on last day of trading, Friday.

Earlier, KSE opened with positive note and kept on marching upward, crossed psychological barrier of 30000, by gaining 102.81 points to reach 30081.75 points in midday trading.

The highest increase witnessed in price of the Fauji Cement, Telecard Limited, Jah.Sidd. Co, Engro Corporation while the UniLever Pak, Siemens Pakistan, Shield Corporation and Millat Tractors Ltd remained the biggest losers of the day.

As a whole 41.58 per cent of companies witnessed increase in their shares while 20.30 per cent lost their share value and 3.30 per cent companies remained stable.

Financial experts were of the view that market has to survive the growing political pressure on government as Pakistan Tehreek-e-Insaf (PTI) is going to stage an anti-government public gathering in Multan, where the ruling party PML-N is supporting Javed Hashmi, former president of PTI, in by-election.

“It was expected that market will stick to its holiday mood on last day of trading too, however, it shrug off the expectations by crossing 30,000 and gaining 171 points in today trading,” they added.

They said that other factors like prolonged spell of shelling from across the border, rumours of a possible delay in the Oil and Gas Development Company (OGDC)’s book building process and possible delay in International Monetary Fund (IMF) disbursements have also tried to pressurized the market, which, however managed to paid no heed to these factors.