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Fauji, Engro biggest gainers as KSE crosses 30,000 barrier

Fauji, Engro biggest gainers as KSE crosses 30,000 barrier

KARACHI: The Karachi Stock Exchange (KSE) 100-index continued its bullish trend to cross 30,000 barrier on Thursday and gained 84.74 points to reach 30025.13 points with a volume of 108,461,400 shares.

KSE made a good start in the first session and kept this bullish note till midday, crossing psychological barrier of 30,000 and gained 108.83 points to reach 30049.22 points with total volume of 51,230,270 shares.

Strong rallies in cement, fertiliser and banking sector put the KSE on path of recovery from last week’s losses. 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 32.34 per cent of companies witnessed increase in their shares while 27.23 per cent lost their share value and 3.63 per cent companies remained stable.

High and Low were 30049.22 and 29938.26 respectively. Total volume traded in the market was 108,461,400 shares.

Financial experts were of the view that the government has been inviting investors from the entire world, particularly from Arab counties and China, but it is facing difficulties in motivating investors as foreign direct investment fell by 26 per cent during July-September as compared to the same period of last year. “Traders felt relief and welcomed the announcement of ending sit-ins by Tahirul Qadri which help market to cross 30,000 line after seven days of trading and infuse positive sentiments in market environment,” they added.