The MSCI euphoria shows no signs of dying down as the market advanced beyond the 53000 index level.
Stock market continued its historic bullish momentum on third consecutive day, Wednesday, with strong upward movement in most MSCI-EM stocks.
Bulls continued to dominate the session as the KSE-100 index gained 729.49 points to close at all time historic high of 52876.46. Index has surged 45% since May 2016.
The KSE-100 was up by 956 points in intra-day trading taking the index level to an intraday high of 53103.21 points.
The Index opened positive and continued to gain profits throughout the trading session in which volumes were better than Tuesday. The surge in the business activity is being seen as a good omen for the national economy and the experts expect the trend to continue.
Market participation improved with volumes rising. Overall, volumes surged to over 604 million shares d/d while in KSE 100 index around 146 million shares were traded.
CHEMICAL was the top traded sector with total traded volume of 50,977,150 shares. It was followed by COMMERCIAL BANKS with a total traded volume of 47,090,300 shares and CEMENT sector with a total traded volume of 39,322,100.
Shares of 412 companies were traded. At the end of the day, 2182 stocks closed higher, 219 declined while 17 remained unchanged.
Power Cement (R) was the volume leader with 124.76 million shares, gaining Rs 0.60 to close at 2.30. It was followed by Bank of Punjab (R) with 90.94 million shares, gaining Rs 0.37 to close at Rs 1.87, Lotte Chemical with 36.25 million shares, losing Rs 0.68 to close at Rs 11.96 and Power Cement with 14.50 million shares, gaining Rs 0.74 to close at Rs 14.94.
The top advancers of the market were:
Top decliners of the market were:
The post close trading session started today to accommodate expected hike in trading activity. It is similar to after hours trading in developed markets, the securities were traded at a fixed price i.e. their respective closing prices after regular market hours, the analyst added.
Whereas Crude Oil prices surge, making a high of US$51.73/bbl supported by API data which reported a decline of 1.5 million barrels in US supplies.