The Karachi share market continued its upward trend hitting new highs as the KSE-100 index closed at new record level of 15,274.53 points with a fresh gain of 75.67 points on Thursday on the back of both institutional and foreign investor interest.
"Buying euphoria continued at the local share market on the back of favourable political situation in the country and announcement of $300 million assistance by the US government and recovery in the international capital markets," analysts said. On the other hand, the KSE-30 index surged by 182.95 points and settled at its all time highest level of 18,770.64 points.
The market started on a positive note and the KSE-100 index crossed 15,300 historic level to hit 15,336.72 points intra-day level for the first time in history. However profit taking in late hours in some select stocks pushed down the index at closing level.
Trading activity further improved as the ready market volume increased to 243.185 million shares as compared to 219.459 million shares traded a day earlier. The futures market turnover also increased and reached at 89.992 million shares against 77.332 million shares previously.
The overall market capitalisation surged by Rs 21 billion to Rs 4.668 trillion. Trading took place in 377 scrips, out of which 174 scrips closed in positive and 163 scrips in negative while the value of 40 scrips remained unchanged.
Arif Habib Sec was the star performer of the day with 22.664 million shares and the scrips increased by Rs 4.40 to close at Rs 181.30 followed by JS Bank which gained Rs 0.55 to close at Rs 21.55 with 16.501 million shares. BoP and MCB surged by Rs 0.25 and Rs 17.50 to close at Rs 67.90 and Rs 423.50 respectively.
In the E&P sector, OGDC gained Rs 1.00 to close at Rs 135.00 however, POL lost Rs 4.00 to close at Rs 372.40. DG Khan Cement increased by Rs 1.05 to close at Rs 112.70 however Lucky Cement declined by Rs 0.65 to close at Rs 138.25. Azgard Nine surged by Rs 3.10 to close at Rs 65.60. PTCL gained Rs 0.30 to close at Rs 138.25.
Attock Petroleum and EFU Life Assurance were the highest gainers and gained Rs 26.90 and Rs 26.70 to close at Rs 565.40 and Rs 561.00 respectively while Unilever and Jahangir Siddiqui Co were the highest losers and lost Rs 36.00 and Rs 20.50 to close at Rs 2354.00 and Rs 756.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the market witnessed buying interest from both institutional and foreign counters on back of recovery in the international capital markets and favourable political situation in the country.
Buying euphoria continued as positive news regarding restriction waived on $300 million assistance of US government reforms package announcement came. The banking and telecom sector remained on limelight on strong foreign interest and many of relevant stocks closed with healthy gains.
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