Index surges by 182.63 points

KARACHI:Bullish trend continued at the local share market on Thursday and the KSE-100 index surged by 182.63 points to close at the level of 12,323.47 points. The market opened on positive note and the index hit 12,376.09 points, intra-day high level. The index remained in positive throughout the session.Trading activities however, remained low as the volumes at ready counter declined to 144.294 million shares as compared to 168.224 million shares traded on Wednesday.The overall market capitalisation increased by Rs 48 billion to Rs 3.336 trillion. Out of the total 394 active scrips, 237 closed in positive and 130 in negative while the value of 27 scrips remained unchanged.Lotte Pakistan PTA was the volume leader with 12.450 million shares and gained Re 0.17 to close at Rs 14.71. DG Khan Cement inched up by Re 0.04 to close at Rs 30.18 with 12.376 million shares.

In the banking sector, SilkBank and NBP increased by Re 0.17 and Re 0.76 to close at Rs 2.77 and Rs 77.42 with 7.258 million shares and 5.268 million shares respectively. Fauji Fertiliser Bin Qasim gained Re 0.19 to close at Rs 37.21 with 6.139 million shares. Lafarge Pakistan inched up by Re 0.11 to close at Rs 3.31 with 5.967 million shares.KESC lost Re 0.16 to close at Rs 3.14 with 4.767 million shares. Azgard Nine gained Re 0.11 to close at Rs 9.56 with 4.722 million shares.POL surged by Rs 11.61 to close at Rs 318.55 with 4.496 million shares. Attock Refinery increased by Rs 1.53 to close at Rs 130.36 with 4.087 million shares.Wyeth Pak and Colgate Palmolive were the highest gainers increasing by Rs 49.99 and Rs 28.62 to close at Rs 1096.00 and Rs 963.60 respectively while Rafhan Maize and Indus Dyeing were the worst losers declining by Rs 93.38 and Rs 14.07 to close at Rs 2032.01 and Rs 267.43 respectively.Hasnain Asghar Ali at Aziz Fidahusein Co said that the local participants despite positivity stayed cautious, as depicted by declining trend in the turnover, nevertheless oil heavy weights made sure that the index continued the trend of testing new highs of recent times.He said that the leading stocks for oil and gas exploration stocks re-invited aggressive influx that not only pulled the bazaar from going into stagnation; massive rate appreciation gave the daring day traders ample trading opportunity, although the momentum did carry a color of speculative activity, various rumours regarding discoveries and high off-shore influx did allow the stocks to trade at new highs of recent times – Brecorder