Index breaches 13,000 level

A bull-run continued on the Karachi share market on Friday and the KSE-100 index breached 13,000 psychological level, the highest level after June 2008 on the back of both local and foreign investors support. Across the board buying was witnessed from local retail investors and institutions.
The foreign investors also remained net buyers of shares and a fresh net inflow of dollars 2.2 million was witnessed at the local equity market. The market opened on strong positive note and the index hit 13,101.09 points intra-day high level. The index finally closed at 13,088.97 points with a healthy gain of 147.59 points.
Due to aggressive participation of both local and foreign investors, trading activities improved tremendously and the volumes at ready counter increased to 253.003 million shares as compared to 182.219 million shares traded on Thursday. Total market capitalisation increased by Rs 40 billion to Rs 3.392 trillion. Of the total 349 active stocks, 183 closed in positive and 73 in negative while the value of 93 scrips remained unchanged.
Fauji Cement was the volume leader with 44.646 million shares and gained Re 0.56 to close at Rs 5.03. DG Khan Cement surged by Rs 1.18 to close at Rs 29.74 with 13.481 million shares. Lafarge Pakistan inched up by Re 0.35 to close at Rs 2.76 with 12.687 million shares.
Fatima Fertiliser Co increased by Rs 1.21 to close at Rs 25.45 with 19.354 million shares. Jahangir Siddiqui Co gained Re 0.19 to close at Rs 9.37 with 14.447 million shares. Arif Habib Corp surged by Rs 1.10 to close at Rs 30.97 with 14.383 million shares. Bankislami Pakistan increased by Re 1.00 to close at Rs 5.93 with 9.108 million shares.
In the banking sector, NBP and Bank Al Falah increased by Rs 2.39 and Re 1.00 to close at Rs 52.85 and Rs 14.53 with 9.080 million shares and 8.795 million shares respectively. Lotte Pakistan PTA gained Re 0.22 to close at Rs 8.91 with 8.752 million shares.
Nestle Pakistan and Indus Dyeing were the highest gainers increasing by Rs 151.96 and Rs 18.04 to close at Rs 3801.89 and Rs 388.66 respectively while Unilever Foods and Bata (Pak) Limited were the worst losers declining by Rs 89.41 and Rs 30.23 to close at Rs 1708.00 and Rs 619.36 respectively.
Ahsan Mehanti at Arif Habib Corp said Pakistan stocks bullish trend was witnessed at the local bourse on the back of local and foreign investors support. He said across the board buying was witnessed on positive statement by US State department about Pak-Iran gas pipeline project.
He said following the apex regulator confirmation for reformed CGT regime implementation from April1, institutional and retail investors' interest witnessed amid higher trades leading the index to close above 13,000 level.
He said that strong valuations in banking, oil and fertiliser stocks, resumption of gas supplies in fertilizer sector, easing circular debt concerns in power sector after electricity tariffs were raised by 39 percent by Nepra played a catalyst role in bullish sentiments at KSE despite concerns for falling rupee dollar parity and current account deficit.