Karachi Stock jumps 1.38% in third straight bullish session

Equities on Pakistan's Karachi Stock Exchange (KSE) recorded third straight day of bullish trade in a gigantic way on Tuesday as the key index gained over 300 points to regain the psychological 26,000-mark amid markedly improved investors' participation. The benchmark KSE 100-Index jumped 1.38 percent, or 355.84 points, to 26,209.38 points Tuesday, as against 25,853.54 points reported Monday. The KSE All Share Index rose by 1.05 percent or 203.03 points to 19,480.34 points, the KSE 30-Index advanced 1.65 percent or 310. 23 points to 19,101.2 points, whilst the KMI 30-Index surged 1.92 percent or 828.34 points to 43,924.48 points. During Tuesday's session, the key index hit an intraday high of 26,223.44 points, as against an intraday low of 25,772.78 points. Market was mainly driven by oil and cement stocks, while rising international crude oil prices and announcement of increased production from Makori field brought a renewed interest in E&P stocks especially Pakistan Petroleum Limited and Pakistan Oilfields Limited, which gained 3.4 percent and 2.4 percent, respectively. Investors also took fresh position in Pakistan State Oil following further clarification after its analyst briefing. Expectations of better cement sales brought cement stocks on investors' radar as the top four stocks, Maple Leaf Cement, Lafarge Pakistan, Fauji Cement, and Dera Ghazi Khan Cement, alone contributed to 25 percent of the volume. Trading volume expanded by 46.13 million shares to 287.17 million shares on Tuesday, as against 241.04 million shares in the previous trading day, turnover ballooned by 3.7 billion rupees (35. 20 million U.S. dollars) to 12.62 billion rupees (120.19 million U. S. dollars), whereas capitalization surged 66.05 billion rupees ( 629.07 million U.S. dollars) to 6.34 trillion rupees (60.41 billion U.S. dollars). Among the 373 actives Tuesday, 201 issues advanced, 154 retreated, whereas 18 others stayed unchanged. Bank of Punjab Rights, Maple Leaf Cement and Lafarge Pakistan Limited were most heavily traded, with volume at 40.58 million shares, 26.48 million shares, and 17.98 million shares, respectively. Rafhan Maize led advancers by rising 295.73 rupees (2.81 U.S. dollars) to 7,794.73 rupees (74.23 U.S. dollars), while Wyeth Pakistan Limited led losers by dropping 207.49 rupees (1.97 U.S. dollars) to 3,942.46 rupees (37.54 U.S. dollars).