Wednesday proved a historic day for Pakistani stocks as Karachi Stock Exchange's benchmark KSE 100- Index closed at an all-time high of 15,712.21 but market volumes remained on the lower side thus posing question marks on the health of the current bullish trends.
The last all-time high of the KSE 100-Index came in April 2008 when it clocked 15,676 levels.
The benchmark KSE 100-Index surged by 0.41 percent or 63.92 points to close at 15,712.21 levels on Wednesday as against Tuesday's closing of 15,648.29 as investors remained upbeat about the upcoming monetary policy.
The KSE All Share Index gained 0.42 percent or 46.18 points to end at 11,080.63, the KSE 30-Index swelled by 0.31 percent or 40. 77 points to conclude at 13,241.6, whereas the KMI 30-Index jumped by 0.62 percent or 174.82 points to finish the day at 28,262.12.
The Karachi Stock Exchange started trading proceedings on a mixed note on Wednesday where the main index moved in both ways during initial trade and hit the intraday lowest level of 15,605. 89.
However, the KSE 100-Index received another boost owing to anticipation of rate cut in the upcoming monetary policy which bolstered it to its highest level of the day of 15,747.39 before the halfway stage. The main index moved in a narrow range after hitting the intraday highest and some profit-taking at higher levels towards the end of the trading session forced it to shed some of the gains but it still managed to close at an all-time high.
Market volumes fell by 33.142 million shares to 107.651 million shares on Wednesday as against Tuesday's 140.793 million shares.
Market capitalization improved by 16.522 billion rupees (173. 916 million U.S. dollars) to 3.964 trillion rupees (41.72 billion U.S. dollars) on Wednesday compared with 3.947 trillion rupees (41. 55 billion U.S. dollars) reported the other day.
As per the figures released by the National Clearing Company of Pakistan Limited for Tuesday, foreign investors joined the bandwagon of local upbeat investors as they net invested 205.592 million rupees (2.164 million U.S. dollars) during the course of trading.
In broader market, a total of 337 companies changed hands on Wednesday where prices of 189 issues closed in green column, 125 finished in the red terrain, whereas values of 23 other scrips stayed unchanged at the previous day's levels.
Jahangir Siddiqui Company Limited was the top traded company of the day with trading of 13.354 million shares in its scrip, followed by Nishat Mills Limited, Askari Bank Limited, Pakistan Telecommunication Company Limited, Azgard Nine Limited, and Attock Refinery Limited with trading of 4.571 million shares, 4.323 million shares, 4.229 million shares, 3.771 million shares, and 3. 723 million shares, respectively.
UniLever Pakistan emerged as the top price gainer of the day with an increment of 500 rupees (5.26 U.S. dollars) per share to close at 10,500 rupees (110.52 U.S. dollars) while Rafhan Maize Products led the major price losers of the day with decrement of 99 rupees (1.04 U.S. dollars) to finish at 3,800 rupees (40 U.S. dollars).