Karachi - Pakistan stocks closed yet again at all time high led by stocks across the board on renewed foreign interest and speculations ahead of general elections.

KSE-100 share index gained 254.81 points or 1.30 percent to end the day at 19,916.27 points compared to 19,661.46 points of the previous day.

Ahasn Mehanti stock analyst said sentiments remained bullish amid higher trades in pre-election rally on hopes for early resolution of circular debt crisis in energy sector, gas supply issues to fertilizer and textile sectors on political commitments.  Strong oil sales data for April, strong valuations in oil, cement and fertilizer sectors and easing political uncertainty played a catalyst role in bullish sentiments in stocks post quarter end earning announcements at KSE.

KSE-Allshare index added 152.71 points or 1.09 percent to end the day at 14157.16 points, KSE-30 share index increased by 234 points or 1.54 percent to close the day at 15437.59 points while KMI-30 share index up by 300 points or 0.89 percent to finish the day at 34228.10 points.

The day turnover of shares on Friday was 218.191 million and the value of traded shares reduced to Rs 7.125 from Rs 8.137. Capitalisation of stock market maintained at Rs 4.889 trillion after opening at Rs 4.836 trillion.

Continuous foreign buying in large cap stocks helped index to value by more than 1pc. Telecom sector also remained in the limelight and performed well after they got stay order from Court. Index heavy weight MCB closed at upper limit. PSO also attracted investors’ interest and rallied as investors hoped that the new government will address the circular debt issue, dealers observed.

Trading took place in 369 companies where gainers beat the losers 211 to 131 while the value of 27 stocks remained intact. Wyeth Pak Limited was the biggest gainer of the day up by Rs 68.72 to Rs 1514.87 followed by Rafhan Maize XD increased by Rs 42.40 to Rs 4459.90. Shezan Inter and Island Textile were the top losers of the day decreased by Rs 33.73 to Rs 641.04 and Rs 31 to Rs 622.

Fauji Cement was the top traded company of the day with 24.615 million shares as it closed at Rs 10.18 after opening at Rs 9.93. PTCLA was on the second position with 16.609 million shares added Re 0.83 to Rs 19.02. It was followed by Japan Power with 12.372 million shares up by Re 0.41 to Rs 2.11, Telecard Limited with 10.903 million shares grew by Re 0.57 to Rs 5.34 and National Bank Limited with 10.425 million shares enlarged by Re 1.24 to Rs 41.39.

In a weekly review equity dealer Samar Iqbal said market rallied ahead general elections, hoping that elections would bring positive news for economy. Huge foreign buying in large cap stocks led index to value by more than 4pc. Unilever Pakistan buys back also boosted the foreign inflow figure. Foreigners’ favorite MCB Bank contributed heavily in the overall index gain. Telecom sector also remained in the limelight and performed well towards the end of the week.

The formation of new government may not pose any major risk. Going forward, setting up of new government will set the initial direction of the market. However, liquidity will keep on playing a major role in the market upsurge, she added.