The Karachi Stock Exchange (KSE) index today crossed an all-time high of 36,000 points today, the first working day after Eid holidays, as investors were looking for fresh stocks to invest in chemical and banking sectors.
The KSE did whirlwind business today opening after the five-day Eid holidays and closed at an all-time high with the benchmark 100-share index going up by 0.47 per cent, or 169.02 points, to close at an all-time high of 36,056.68 points.
Market analysts said the high trading was mainly due to fresh buyings by investors looking for fresh stocks to invest in.
Investors are anticipating better earnings after Eid and there was lot of investment in the chemical and banking stocks, Ali Rizwan of Capital investments said.
He said the traded volume rose 3 per cent to 621 million shares, while traded value increased by 17 per cent to 16.5 billion rupees.
Arif Habib Corporation Ltd rose 4.99 per cent, while Engro Corp Ltd, Engro Fertilizers Ltd and Fatima Fertilizer Co Ltd gained 1.89 per cent, 1.16 per cent and 4.35 per cent respectively.
Banking stocks also showed an average upward graph by around five per cent. Overnight rates in the money market fell to 6.50 per cent from previous session’s 7 per cent.