Bank, textile and oil shares push index to new highs
KARACHI: Regardless of the shortened three-session week due to Muharram holidays, the stocks continued to forge ahead on Monday with the benchmark KSE-100 index rising by 203.5 points, or 0.49pc per cent to close at new all-time high of 41,404.
The volume of shares traded fell to 363 million from 464m during the previous session (Friday) due to low investor participation. Traded value of equities decreased to Rs12 billion from Rs14.3bn.
As second- and third-tier stocks dominated the volume list, as many as 42 scrips hit their upper circuits. The market capitalisation-based KSE-30 index closed almost flat at 22,662 points.
Banks, textiles and oil marketing companies grabbed the spotlight on speculation over the upcoming quarterly results. Ahsan Mehanti, analyst at Arif Habib Corporation Ltd, said Moody’s stable outlook on Pakistani banks and speculation on positive impact of China-Pakistan Economic Corridor projects on the banking, steel and cement kept investor interest alive in those sectors.