Pakistan stock keeps smashing historic highs amid bullish trends

The buying spree continued at Pakistan's Karachi Stock Exchange (KSE) on Tuesday as its main index closed above the psychological 25,300 points for the first time in its history but investors' participation was on the lower side. The benchmark KSE 100-Index swelled by 0.21 percent, or 51.88 points, to close at 25,350.20 points, as against 25,298.32 points recorded on Monday. The KSE All Share Index inched up marginally by 0.8 points to end at 18,694.78 points, the KSE 30-Index gained 0.17 percent or 31.65 points to conclude at 18,933.52 points, whereas the KMI 30- Index increased by 0.13 percent or 53.61 points to finish at 42, 559.21 points on Tuesday. During Tuesday's trading session, the key index hit an all-time intraday high of 25,400.55 points, as against an intraday low of 25,192.43 points. Bullish rally was witnessed in cement stocks on the back of price increase by cement manufacturers. Moreover, due to improving margins and expectation of better dividends, investors' interest was also recorded in banking scrips while some profit-taking was seen in Pakistan State Oil, Fauji Fertilizer Company, and Fauji Fertilizer Bin Qasim Limited. Market volumes reduced by 18.93 million shares to 259.18 million shares, turnover rose by 320.56 million rupees (3.05 million U.S. dollars) to 10.42 billion rupees (99.26 million U.S. dollars), and market capitalization went up by 260.92 million rupees (2.48 million U.S. dollars) to 6.08 trillion rupees (57.91 billion U.S. dollars). Among 378 active scrips Tuesday, there were 200 advancers, 156 lossers, whilst 22 others stayed unchanged. Faysal Bank, Fauji Cement, and Bank Al-Falah Limited were most heavily traded, with trading volume at 36.57 million shares, 12.92 million shares, and 12.85 million shares, respectively. Unilever Foods led price gainers by rising 270 rupees (2.57 U.S. dollars) to close at 10,37 rupees (98.76 U.S. dollars), while on the flip side Nestle Pakistan led the major decliners by falling 369 rupees (3.51 U.S. dollars) to 8,401 rupees (80.01 U.S. dollars) .