An analyst at Pearl Securities said the government gained strength by offering Punjab’s top job to PML-Q. Likewise, MQM was rumoured to be leaning towards government.
“This positive political development tossed the market into the green zone and it remained positive all day to close on a high note. Additionally, international commodity prices witnessed some stability.”
The Pakistan Stock Exchange KSE-100 shares Index gained 1.15 per cent, or 505.14 points, to close at 44,438.7 points. The KSE-30 shares index gained 1.13 per cent, or 189.84 points, to close at 16,983.32 points.
As many as 296 scrips were active, of which 269 advanced, 19 declined and eight remained unchanged.
The ready market volumes stood at 268.9 million shares, compared with the turnover of 132.63 million shares in the last trading session.
The fertiliser sector gained momentum with an increase in retail prices. The cement sector remained in the limelight due to a decline in the international coal prices. Across-the-board buying activity was observed.
Ahsan Mehanti at Arif Habib Corporation said that the stocks closed higher, amid speculations ahead of the National Assembly session this week to decide on the no-confidence voting.
“A $300 million aid plan with the Asian Development Bank for capital market reforms and easing political noise on the appointment of the new Punjab chief minister played a catalytic role in the bullish close.”
The companies that reflected the highest gains included Bata Pakistan, up Rs149.99 to close at Rs2,249.99/share; and Colgate Palmolive, up Rs80 to close at Rs2,300/share.
The companies, which reflected the most losses included Premium Sugar, down Rs27.5 to close at Rs510/share; and Rafhan Maize, down Rs490 to close at Rs11,500/share.
The highest volumes were witnessed in Pak Electron Rights with a turnover of 37.67 million shares. The scrip gained 81 paisas to close at Rs1.97/share; followed by Worldcall Telecom with a turnover of 27.12 million shares. It gained 13 paisas to close at Rs1.7/share. Ghani Global remained the third with a turnover of 15.04 million shares. It gained Rs1.04 paisas to finish at Rs15.9/share.
