Stocks add 235 points to settle at record 36,157

KARACHI (Neo Web Desk)Stocks staged a robust rally on Wednesday with the KSE-100 index recording gains of 235.12 points (0.65 per cent) to close at all-time high 36,156.83.Strong institutional buying saw the index easily breaching through the previous record level of 36,115.The activity was brisk as the volume rose to 337 million shares of Rs15.7 billion value from 311m shares of Rs13.5bn traded a day ago.Much of the trading was again concentrated in small-cap stocks since five shares quoted mostly below par accounted for 30pc of the day’s volume. Silkbank (R) was leading the pack with volume of 39m shares; followed by Quice Food 17m shares and K-Electric 16.7m shares.Foreigners continued cherry-picking with net inflow of $1.70m. Mutual funds considered it the right time to switch cash for shares, mainly in their ‘capital protected funds’, while the individual investors were conspicuous by their heavy-selling amounting to $6.26m.Khurram Schehzad, director investment strategy at Arif Habib Ltd, said that the institutional buying was sparked by the expectations of a robust June quarter earnings.He also mentioned that the KSE was initiating a meeting with the SECP on Thursday to exchange views on strategies of Pakistan’s entry into the MSCI emerging market index.Further, the soft coal prices had rejuvenated inter­est in the cement sector.Dealers at Topline Securities pointed out that Al-Ghazi Tractors and Allied Bank closed higher by 4pc and 1.3pc.Pak Elektron remained the volume leader with trading in 15.9m shares worth Rs1.5bn. The stock closed at 5pc upper-limit.Institutional support helped Engro Foods to gain 4.6pc with trading in 3.6m shares of Rs625.4m value.



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