The upward trend continued at Karachi share market on Monday and the benchmark KSE-100 index gained 86.05 points to close at 7,518.93 points level on the back of fresh foreign inflows and the countrys improving macro economic indicators.
"The share market ignored the prevailing law and order situation in the country and after a brief visit into the negative zone the index finally closed above 7,500 psychological level", analysts said. The market witnessed healthy trading activities as the ready market volume increased to 12-month high level of 382.184 million shares as compared to 330.158 million shares traded on Friday.
The overall market capitalisation increased by Rs 27 billion to Rs 2.262 trillion. Trading took place in 388 scrips, out of which 254 closed in the positive and 120 in the negative while the value of 14 scrips remained unchanged.
NIB Bank was the overall volume leader with 38.912 million shares and gained Re. 0.40 to close at Rs 6.25. PTCL increased by Re. 0.08 to close at Rs 19.26 with 26.265 million shares. NBP surged by Rs 4.49 to close at Rs 98.81 with 19.972 million shares. Pervez Ahmed closed at Rs 6.03, up by Re. 1.00 with 19.249 million shares.
Jahangir Siddiqui Co increased by Rs 1.77 to close at Rs 37.34 with 13.848 million shares. Selling pressure was witnessed in the E&P sector as OGDC lost Re. 0.28 to close at Rs 80.77 with 13.296 million shares. Maple Leaf Cement gained Re. 0.52 to close at Rs 6.02 with 11.870 million shares. DS Industries Limited increased by Re. 0.98 to close at Rs 4.19 with 10.877 million shares.
Arif Habib Sec surged by Rs 1.46 to close at Rs 30.70 with 10.334 million shares. Bank Al Falah gained Re. 0.70 to close at Rs 15.80 with 9.882 million shares. Siemens Pakistan and Bata (Pak) were the highest gainers and gained Rs 33.70 and Rs 28.67 to close at Rs 719.00 and Rs 728.00 respectively while Unilever Pakistan and Fazal Textile were the worst losers and lost Rs 88.99 and Rs 20.99 to close at Rs 1825.01 and Rs 450.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the law and order situation in the country overshadowed the bullish sentiments at the local bourses, although the local bourses are still trading well below potential due to various internal curbs, the events over the weak-end and threats had a visible impact on the sentiment and the index made a visit to the red zone, initially.
While oil and gas exploration and fertiliser sectors faced off-loading the banking stocks staged a healthy recovery, good enough to support the benchmark, mainly on the apprehension of better than expected earnings of the first quarter.
Since the banks have already swallowed the sour pill by booking portfolio losses as on December 31, 2008, massive recovery staged by the local bourses in the quarter besides trading gains of the quarter can certainly not only offset the impact of economic slowdown, but it will garnish the results.
Comments
Comments are closed.