KARACHI: The Karachi Stock Exchange (KSE) 100-index rebounded with 172.44 points to close at 30376.53 points due to strong selected rally in oil marketing companies and auto companies’ shares.
The market opened at the overnight closing of 30207 points and kept on upward march. The investors responded positively to the positive trend in the market and remained engaged in trading.
Buoyancy kept the Karachi Stock Exchange afloat as the benchmark KSE-100 index sustained modest gains of 78 points or 0.26% till midday to cling to the level of 30283 points, though slightly below the early gains of 83 point.
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.
High and Low were 30384.21 and 30204.09 respectively. Total volume traded in the market was 74,527,210 shares.
As a whole 34.54 per cent of companies witnessed increase in their shares while 23.68 per cent lost their share value and 1.97 per cent companies remained stable.
Financial experts were of the view that the sentiments remained positive, boosting confidence of the investors and keeping the score board ticking. The Karachi Stocks Exchange benchmark KSE-100 index has been on the rise, following a two-day low in the wake of Cyclone Nilofar’s fears.
Momentum was built by oil marketing companies where APL and PSO finished 4.4pc and 1.6pc higher, respectively, as the government decided to increase OMCs margins in the ECC meeting on Thursday. The auto sector also remained in limelight on account of expected favourable developments in the upcoming auto policy; PSMC and HCAR hit their ‘upper circuits’.