The Karachi share market opened on a strong positive note and the KSE-100 index hit 1,1070.84 points intra-day high level on the back of buying rally in banking and cement stocks. However, selling pressure in late hours pushed the index in negative zone to hit 1,0882.06 points intra-day low level.
Finally KSE-100 index closed at 1,0923.90 points level, up by 24.19 points while the KSE-30 index gained 38.95 points to close at 1,3706.11 points level. Trading activity was better as the ready market volume increased to 135.216 million shares as compared to 116.484 million shares and future market turnover stood at 53.694 million shares against 48.063 million shares traded a day earlier. The overall market capitalisation also increased by Rs 6 billion to Rs 2.980 trillion.
Trading took place in 363 scrips out of which 171 scrips closed in positive column and 144 scrips closed in negative column while the value of 48 scrips remained unchanged. CFS value decreased by 2.46 percent to Rs 45.56 billion as compared with Monday''s value of Rs 46.71 billion, with five highest CFS scrips being NBP, OGDC, PPL, POL and BoP.
Bank Al Falah was the star performer of the day with 13.880 million shares and the scrip gained Rs 1.75 to close at Rs 51.25. BoP and MCB Bank also performed well with the net gain of Rs 2.00 and Rs 4.90 to close at Rs 117.00 and Rs 291.30 respectively however NBP after hitting Rs 267.00 intra-day high level, closed at its previous level of Rs 260.00.
Cement sector also remained active as D. G. Khan Cement and Lucky Cement gained Rs 1.15 and Rs 1.45 to close at Rs 83.65 and Rs 67.95 respectively. The E&P giant OGDC closed at Rs 115.25, down by Rs 0.05 with a volume of 10.006 million shares. In the other top ten volume leaders, PPL and Pace (Pak) Ltd closed at Rs 242.50 and Rs 21.40 with a decline of Rs 3.75 and Rs 1.10 while the value of Kot Addu Power remained unchanged.
IGI Insurance and Treet Corp were the highest gainers which gained Rs 17.90 and Rs 10.00 to close at Rs 444.95 and Rs 210.10 respectively while Unilever and Adamjee Insurance were the highest losers which lost Rs 100.00 and Rs 8.00 to close at Rs 2000.00 and Rs 179.00 respectively.
Ahsan Mehanti, CEO of Shehzad Chamdia Securities said that the market took a rebound from an oversold position mainly in the banking sector. A very positive meeting between brokers and SECP was another reason for positive close of the market as the SECP agreed with the brokers demand for non submission of data of January-July 2006 except for required parameters in addition to other modalities and proposals of KSE. International stock markets took a massive positive rebound on Tuesday that was also a positive sign for investors at the KSE.
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