KARACHI: The stock market surged on Wednesday to close near the 14,000-point level amid speculations that presidential order on changes in capital gains tax will be issued next week.
The Karachi Stock Exchange’s (KSE) benchmark 100-share index gained 1.86 per cent or 254.22 points to end at the 13,945.30 point level.
Renewed institutional and foreign interest in blue chip stocks particularly the oil and banking sector lead the upward march, said Arif Habib Corporation director Ahsan Mehanti.
Banking shares witnessed positive interest, with National Bank of Pakistan closing at its daily upper limit for the second consecutive day on expectations of higher than expected earnings.
Also the oil stocks remained under limelight as investors’ interest switch to blue chip companies.
Hub Power Company recovered 4.3% on the back of rumours of settlement between the company and Federal Board of Revenue.
Oil and Gas Development Company gained 2.4% while Pakistan Petroleum rose 1.8%.
Trade volumes gained to 409 million shares compared with Tuesday’s tally of 318 million shares.
Highly active foreign institutional investors were buyers of Rs649 million and sellers of Rs734 million worth of shares, according to data maintained by the National Clearing Company of Pakistan Limited.
Lafarge Pakistan was the volume leader with 30.37 million shares gaining Rs0.29 to finish at Rs5.11. It was followed by Azgard Nine with 26.21 million shares firming Rs0.74 to close at Rs10.02 and Jahangir Siddiqui and Company with 25.24 million shares increasing Rs1.06 to close at Rs22.77.
Published in The Express Tribune, April 5th, 2012.