Heavy buying was witnessed at the Karachi share market on Monday due to positive development on political front and commitment for economic support by Asian Development Bank and World Bank, and the KSE-100 index surged by 3.11 percent.
"The market totally ignored the Lahore terror attack, and performed exceptionally well on the back of positive developments on political front as Presidents speech to joint session of the parliament on weekend taken positive set-up in the country", analysts said.
On the other hand, the US assistance of $1.5 billion a year over next five years, IMF disbursement of $840 million and expectations of removal of US tariff on textile exports from Pakistan played catalytic role for bullish activity in the market despite the terrorist attack in Lahore, they added. The index comfortably breached 7,000 points barrier and closed at 7,014.81 points with a healthy gain of 211.35 points.
The retail investors and institutions strong interest was evident as the trading volume at ready counter significantly increased to 330.189 million shares as compared to 229.615 million shares traded a day earlier. Market capitalisation increased by Rs 60 billion to Rs 2.103 trillion. Of 384 active scrips, 243 closed in positive and 128 in negative while the value of 13 scrips remained unchanged.
Pak PTA was the volume leader with 31.802 million shares and gained Re. 0.27 to close at Rs 3.07. WorldCall Telecom increased by Re. 0.45 to close at Rs 3.06 with 22.939 million shares. NBP surged by Rs 1.54 to close at Rs 91.85 with 13.912 million shares. Maple Leaf Cement closed at Rs 5.01, up by Re. 0.01 with 11.969 million shares.
Fauji Fertiliser Bin Qasim increased by Re. 0.52 to close at Rs 17.54 with 11.869 million shares. KESC gained Re. 0.78 to close at Rs 2.93 with 11.360 million shares. NIB Bank closed at Rs 5.90 without any change with 10.484 million shares. PTCL surged by Re. 0.54 to close at Rs 17.05 with 9.712 million shares.
Nishat Mills lost Re. 0.15 to close at Rs 31.80 with 9.723 million shares. BoP declined by Re. 0.14 to close at Rs 11.62 with 9.663 million shares. Unilever Pakistan and Nestle Pakistan were the highest gainers and gained Rs 37.50 and Rs 24.38 with 1909.50 and Rs 1159.38 respectively while Fazal Textile and Hinopak Motor were the worst losers and lost Rs 15.82 and Rs 15.65 to close at Rs 403.89 and Rs 297.52, respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that intense buying was witnessed as Presidents speech to joint session of parliament on weekend took positive set-up in the country. Investors expectations of cut in discount rate, US assistance of $1.5 billion a year over next 5 years, IMF disbursement of $840 million by the end of March and expectations of removal of US tariff on textile exports from Pakistan played catalytic role for bullish activity in the market despite the terrorist activities in Lahore, he said.
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