Healthy buying was witnessed at the Karachi share market on Wednesday as the KSE-100 index recovered 237.88 points to close at 14,964.42 points level. The KSE-30 index gained 343.77 points and settled at 18,238.44 points level.
"A fresh discovery of oil and gas in the country, increasing oil prices in the international market and a foreign brokerage house positive report on banking sector invited fresh buying at the local bourses and the investors confidently took fresh positions on attractive levels", analysts said.
The market started on a positive note and the index hit 14,987.90 points intra-day high level on the back of strong interest of local and foreign investors coupled with institutional support. The ready market volume increased to 250.453 million shares as compared to 240.608 million shares traded a day earlier. The futures market turnover however declined to 68.386 million shares against 79.903 million shares previously.
The overall market capitalisation surged by Rs 69 billion to Rs 4.579 trillion. Trading took place in 357 scrips, out of which 204 scrips closed in positive and 116 scrips closed in negative while the value of 37 scrips remained unchanged.
The E&P giant, OGDC was the star performer of the day with 25.116 million shares and the gained Rs 2.80 to close at Rs 134.80. POL and PPL increased by Rs 14.95 and Rs 12.15 to close at Rs 366.75 and Rs 261.25 respectively. In cement sector, Lucky Cement and DG Khan Cement surged by Rs 2.052.25 to close at Rs 137.20 and Rs 108.00 respectively.
Bank Alfalah increased by Rs 1.69 to close at Rs 52.50. Fauji Fertiliser Bin Qasim gained Rs 0.85 to close at Rs 45.35. Arif Habib Sec surged by Rs 2.75 to close at Rs 166.25. PTCL closed at Rs 44.75, up by Rs 0.20. JOV & Co was the only scrip, in the top ten volume leaders, which closed in negative at Rs 102.60, down by Rs 5.35.
Unilever and Bata (Pak) were the highest gainers and gained Rs 39.00 and Rs 30.75 to close at Rs 2390.00 and Rs 645.75 respectively while EFU Life Assurance and Colgate Palmolive were the highest losers and lost Rs 35.85 and Rs 29.00 to close at Rs 746.00 and Rs 670.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that oil discovery in Mamikhel well in Tal block attracted intense institutional and local buying interest in PPL, OGDC and POL. The oil price in the international market rose near to $108 also attracted strong interest in oil based scrips. The news regarding floatation of National Bank's GDR and J.P. Morgan positive report on banking sector also invited investors' interest in banking sector stocks.
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