KARACHI: The stock market maintained an upward trend with the post-budget rally, as investors remained optimistic about economic growth due to the budgetary measures by the government.
The rally in oil and energy stocks followed by crude price rise in international markets also supported market to push the benchmark KSE-100 Index near 49,000 points mark.
The Karachi Share Index (KSE-100) ended the day 421.36 points (0.87 per cent) up at 48,726.08 points against the previous closing of 48,304.72 points. The market went as high as 48,986.94 points during the intra-day trading, while recorded as low as 48,304.72 points.
Trading volumes increased to 1.2 billion shares today, as compared to 1.02 billion shares on Friday, while the daily traded value also increased to Rs42.85 billion from Rs24.8 billion in the previous session, the data said.
Traders and analysts said the market’s reaction to the budget was positive as it raised hopes for the growth for overall economy. On the other hand, the positive activity in oil and energy stocks added support to the overall market sentiments today, they added.
Oil markets were boosted to fresh multi-year highs on Monday, gaining support on growing expectations that supply will remain tight in the face of rising demand forecasts.
Brent crude futures, the European oil price benchmark, spent a second session trading above the $73-a-barrel level, hitting a fresh two-year high of $73.11. In early London trade, Brent was up 0.5% at $73.06.
The share price of Rafhan Maize increased by Rs190 to Rs9,690 while Wyeth Pakistan Limited gained Rs150.47 to Rs 2,156.84. On the other hand, Sapphire Fiber lost Rs37.97 today to close at Rs762.03 while Faisal Spinning lost Rs20 to close at Rs410.
