Pakistan equities surged to all-time high levels of 36,800 as benchmark index of KSE-100 settled at a record close of 36,685 as positives on political front along with flows helped brush aside concerns on macro-economic indicators and upcoming budget.
KSE-100 index gained 367 points on Thursday which added more than 450 during intraday session. The trading volume stands at 274 million shares with a value increased by US $125 million.
The volumes on KSE-100 index doubled over yesterday’s trading and touched nine months high as institutional investors built positions with interest primarily in index names.
K Electric was the market leader on KSE-100 index. TRG Pakistan, PTCL were second and third and WorldCall on ten.
KSE-30 index gained 244 points to stand at 21,422 and KMI index surged by 814 points to stand at 63,753.
Nearly one third of the volumes on benchmark index were churned in K-Electric investors increased holdings in this lagging play. Financials led the gains as MCB Bank closed at upper price limit and contributed most to day’s gains primarily on MSCI related excitement.
According to analysts, institutional interest also drove index heavy Hub Power and Engro Corporation higher with later gaining on rumors that stake sale of its subsidiary Engro Foods will likely go through before the end of this month.
The volatile trading as KSE100 index tested upper resistance on buying led by retail and institutional investors despite record levels. Oils and Cements are likely to gain traction with former somewhat sensitive to global crude, they added.
