Huge foreign interest in UBL in book building created an across the board rally in the market. National Bank rallied with 15m shares volume after news of foreign interest in the stock, an expert observed here on Wednesday.
At local equity market, the benchmark KSE 100-share index added 242.58 points or 0.82 per cent to stop the trading at 29783.30 points as compared to 29540.72 points of the previous day. Samar Iqbal, AVP at Topline Securities, said PTC rallied and closed at upper limit with rising volumes. Cement stocks also came in limelight after World Bank approved loan for dam. KSE-allshare went up by 214.08 points or 0.98 per cent to close the trading at 22064.49 points, KSE-30 grew by 181.10 points or 0.89 per cent to stop the day at 20424.47 points while KMI-30 grew by 386.05 points or 0.81 per cent to conclude the session at 48037.17 points.
The day of market was 289.799m shares as compared to 232.402 million shares of the previous day and the value of traded shares jumped to Rs 132.872b from Rs 11.061 billion of a day earlier. Capitalization of the market maintained at Rs 7.070 trillion after opening at Rs 7.001 trillion of a day earlier. Analyst said stocks closed bullish led by telecom scrips as investors count on reduced FED levy, new auctions of over Rs 60 billion for 2G/4G and expected fund release from Etisalat for PTC $799 million property dispute. Trade remained high as foreign interest remained in cement, banking and oil stocks impacted by MSCI weight changes. Higher local cement dispatches, impact of MARI new crude oil discoveries and market based gas pricing approval played a catalyst role in bullish close, he added. Trading took place in 375 companies where gainers beat the losers by 210 to 135 while the values of 30 stocks remained intact. Unilever Foods and Nestle Pak were the biggest price gainers of the day, up by Rs 140 to Rs 8600 and Rs 121.50 to Rs 8248.50. Bata (Pak) and National Foods were the top losers of the day, decreased by Rs 55.03 to Rs 3387.29 and Rs 7.99 to Rs 790. Volume chart was led by TRG Pakistan Ltd with 28.066m shares as it closed at Rs 16.38 after opening at Rs 15.49. It was followed by Lotte Chemical with 18.989m shares, up by Re 0.27 to Rs 7.69, PTCL with 17.534m shares, added Re 0.26 to Rs 30.96, K-Electric Ltd with 17.252m shares, off by Re 0.34 to Rs 8.81 and Lafarge Pak with 15.408m shares, marginally up by Re 0.01 to Rs 14.76.