KARACHI

Policy announcement by the State Bank of Pakistan gives a breakthrough to local bourse that closed all time high where benchmark witnessed fresh gain of 358 points or 1.14 percent to end the day at 31702.79 points compared to 31344.07 points of the last working on Friday.

Ahsan Mehati analyst at Arif Habib Corp said bullish activity witnessed at KSE amid higher trades after SBP reduced discount rate by 50bps in its 2 month monetary policy on Saturday.

Stocks of cement, fertilizers and textile sectors surged despite dull activity in small banking stocks impacted by rate cut. Institutional interest in banks expecting gain on PIBs and OMCs on reports for rising volumetric sales and impacted by improved OMC margins raised this month played a catalyst role in bullish activity at KSE, he added.

KSE-Allshare index increased by 145.08 points or 0.63 percent to end the day at 23334.75 points, KSE-30 index grew by 250.63 points or 1.22 points to stop the day at 20779.65 points while KMI-30 index extended by 509.05 points or 1.01 percent to finish the day at 50677.29 points.

Market traded 276.768 million shares after opening at 235.517 million shares and the value of traded shares was climbed to Rs 15.739 billion from Rs 12.914 billion while the capitalisation of the market maintained at Rs 7.352 trillion compared to Rs 7.306 trillion of the previous session.

Trading took place in 414 companies where gainers beat the losers 215 to 178 while the value of 21 stocks remained intact. Highest decreased reflected in the price of Bata (Pak) XD down by Rs 132 to Rs 3168 follow by Nestle Pak.XD off by Rs 100 to Rs 8800. Unilever FoodsXD and Murree Brewery were the top price gainers of the day up by Rs 118.50 to Rs 9250 and Rs 52.50 to Rs 1102.50.

Samar Iqbal AVP at Topline Securities said market rallied to a historic level due to interest rate cut by central bank.

Leverage stocks like MLCF, PSO, Engro and Lucky rallied in anticipation that their earnings will increase due to falling benchmark rates. HCAR closed lower limit after announcing September quarter earnings, she added.

Active list was topped by JS Co with 19.951 million shares as it closed at Rs 14.71 after adding Re 1 in its share price. Maple Leaf Cement was on the second number with 19.074 million shares as it closed at Rs 33.73 after opening at 32.90. It was followed by Pak Elektron with 13.322 million shares up by Re 0.55 to Rs 30.70, Lafarge Pak with 13.322 million shares higher by Re 0.42 to Rs 16.22 and Engro Fertilizer Ltd with 10.115 million shares grew by Rs 1.93 to Rs 64.91.