Closing Bell - Index crosses 53,000 threshold during the day, closes at 52,876 points

Stock Market on Wednesday recorded a positive upsurge as chemical and banking sectors sent the stocks rallying during the morning session. The market witnessed a record high after the first three hours of trading when it reached an all time high of 53,100 points. The market closed 220 points lower than the intraday peak. KSE-100 index gained 729.49 points, or 1.40 per cent.

Overall, the market’s bullish trend was driven by the cement, chemical, banking and oil and gas marketing sectors. Oil and gas marketing sector companies witnessed a rise after the news that government was planning to let OMC’s set profit margins to make the industry more competitive broke out.

Companies adding most points to the tally were; Pakistan Petroleum Ltd. (PPL), Oil and Gas Development Company (OGDC), Habib Bank Limited (HBL), MCB Bank Ltd. (MCB), Bank AL Habib Ltd. (BAHL) and Dawood Hercules (DAWH).

The market closed on a tally of 52,876 points after reaching a 53103.21 and an intraday low of 52,146 points.

All Share Volume increased by 282.77 Million to 606.69 Million Shares. Market Cap increased by Rs.126.07 Billion.

Total companies traded were 420 compared to 417 from the previous session. Of the scrips traded 188 closed up, 215 closed down while 17 remained unchanged.

Total trades increased by 38,975 to 148,771.

Value Traded increased by 4.08 Billion to Rs.23.70 Billion