KARACHI: Bullish trend was witnessed in Karachi Stock Exchange (KSE) on Monday as the KSE benchmark 100-index recovered 307 points, closing at 28999.03. Due to political uncertainty in the country, particularly police action against Pakistan Awami Tehreek (PAT) workers in Lahore, bears dominated KSE throughout last week and the stock market lost various psychological barriers.
According to analyst Ahsan Mehanti at Arif Habib Corporation, stocks closed bullish amid cautious activity after PAT chief agreed to leave for his home following the assurance of Governor Punjab about complete security.
“Easing political noise, withdrawal of GIDC on cement sector, rising Net Interest Margins in banking sector on participation and higher international oil prices on Iraq crises played a catalyst role in positive close at KSE,” he added.
On Monday the turnover recorded 133,822,560 shares against 113,733,880 shares of the previous trading day. Trading value rose to Rs 6,656,697,075 against Rs 6,136,045,671 in the last session. Market capitalization recorded at Rs 6.846 trillion against Rs 6.785 trillion on Friday.
The trading activities remained limited to 324 companies and out of them, 206 closed in green, 89 in red, while 29 remained unchanged. KSE 30-index recovered 226 points and closed at 19932.28 points.