KARACHI: Stocks gathered momentum on Tuesday, which saw KSE-100 index gain 149.90 points or 0.50 per cent to yet again jump over the 30,000-level and close at 30,143.77 points.
Market capitalisation also crossed over the Rs7 trillion mark with addition of Rs28 billion on Tuesday.
Most stockbrokers gave varying reasons for the sudden burst of activity at the market which saw volume surge 43pc to 164 million shares, from 115m shares traded the previous day.
“Renewed interest was seen as government announced that OGDC shares will be sold next month”, argued a dealer, adding that mid cap stocks rallied as investors were switching from large cap to mid cap stocks.
Yet the explanation of the trend by many market gurus did not sink deep in the minds of small shareholders who thought that institutions may have provided support to the index.
Major buyers on Tuesday were the foreign investors who put $1.17m in equities, divided almost equally between the cements and foods sectors.
Mutual Funds also ploughed back cash amounting to $3.50m in bargain stocks, as they had generated surplus funds from profit taking in previous week.
Analyst Mohammed Mobeen stated that Nishat Mills caught investors’ attention with the stock hitting its upper circuit, due to better-than-expected results declared by the company.
On the oil and gas sector, investors fancied MARI and ATRL, lifting both stocks to their upper limit. “Going forward, market is expected to remain volatile,” several analysts said, advising investors to remain cautious and invest in fundamentally strong shares.
“Stocks closed bullish led by selected stocks across the board on strong earnings outlook,” commented analyst Ahsan Mehanti.