The Karachi Stock Exchange (KSE) 100-share index gained 276.37 points or 2.50 percent to close at 11,311.29 points as compared to 11,034.92 points of the previous session. The KSE 30-share index also increased 297.02 points to close at 10,704.27 points as compared with 11,407.25 points.
Analyst said renewed retail and institutional interest also played a catalyst role in the prevalence of bullish activity at KSE.
The market turnover declined 2.15 percent to 67.65 million shares from its opening at 69.14 million shares. The overall market capitalisation gained 3.08 percent to Rs 3.012 trillion as against Rs 2.922 trillion. Gainers outnumbered losers 200 to 50, while 85 scrips were unchanged.
"Bullish activity was witnessed in scrips across-the-board after strong recovery in global markets on US Federal Reserve statement that it will keep interest rates low until 2013," said Arif Habib Investments Ltd Director Ahsan Mehanti. "Strong recovery in global commodities, strong valuations at KSE, and renewed retail and institutional interest played a catalyst role in the bullish trend at KSE."
The KMI 30-share gained 469.40 points to close at 19,965.89 points after opening at 19,496.49 points. The KSE all-share index closed with a rise of 186.43 points to 7,854.23 points as against 7,667.80 points.
"Following strong recovery in the regional markets, the local bourse also posted a handsome recovery of 2.6 percent," said Topline Sec analyst Samar Iqbal. "PSO, which announced better-than-expected result yesterday, closed on the upper limit. Similarly Engro Corporation in anticipation of better 6 months result to be announced next week closed on upper limit also."
Soneri Bank Ltd was the volume leader in the share market with 6.35 million shares as it closed at Rs 4 after opening at Rs 4.08, shedding 08 paisas. Azgard Nine traded 5.09 million shares as it closed at Rs 4.90 from its opening at Rs 4.38, gaining 52 paisas. NBP traded 4.37 million shares as it closed at Rs 45.53 as against its opening at Rs 44, rising Rs 1.53. Lotte Pakistan PTA traded 3.97 million shares as it closed at Rs 10.73 as compared to its opening at Rs 10.01, increasing 72 paisas.
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