Karachi share market on Thursday ended higher followed by foreign interest in bluechips and the benchmark KSE-100 index gained 159.65 points to close at 17,913.62 points from 17,753.97 points. The market remained positive during the entire trading session. The KSE-100 index also hit intraday high of 17,956.63 points and low level of 17,753.97 points.
However, daily turnover witnessed some decline and overall volume at ready counter decreased to 236 million shares as compared to 267 million shares Wednesday. Analysts said the announcement of the general elections has restored investor confidence and local as well as foreign interest was witnessed during the trading.
"Continuous support from local and foreign fund managers kept the market up," said Samar Iqbal, Senior Manager Equity Sales. She said renewed buying interest was seen in cement stocks amid hope of better March quarter result. While heavyweight OGDC and Engro Corp also remained on investors' radar, she added. Trading activity took place in 343 scrips, of which 208 closed in positive, 115 in negative while that of 20 scrips remained unchanged. Market capitalisation also increased by Rs 18 billion to Rs 4.380 trillion from Rs 4.362 trillion.
Among top 10 scrips, TRG Pakistan was the volume leader with 39 million shares gaining Re 0.20 to close at Rs 7.28 per share. Fauji Cement bagged Re 0.18 to close at Rs 8.40 with 34.6 million shares. With trading volume of 15.28 million, share price of Lafarge Pakistan fell by Re 0.05 to Rs 6.54 per share. Share price of Engro Corporation surged by Rs 4.59 to close at Rs 131.20 with some 13.7 million shares.
Similarly, with 8.45 million trading volume, share price of Jah. Sidd. Co increased by Re 0.23 to Rs 14.36 per share. P.T.C.L.A also gained Re 0.06 to close at Rs 19.71 with a trading volume of 7.9million shares. Some 7.1 million shares of D G Khan Cement were traded and its share prices went up by Rs 1.35 to close at Rs 68.96 per share. Nishat Mills Ltd gained Re0.90 to Rs 83.14 with 6.5 million shares. Maple Leaf Cement and Engro Foods Ltd gained Re 0.08 and Rs 2.81 to close at Rs 17.78 and Rs 127.61, respectively.
UniLever Pakistan and Bhanero Tex were the top gainers. Their share prices increased by Rs 100.00 and Rs 15.15 to close at Rs 10,800.00 and Rs 318.16, respectively. Pak Suzuki Motors and Hinopak Motors were the worst losers with Rs 5.30 and Rs 4.49 to close at Rs 100.80 and Rs 85.41, respectively.
Ahsan Mehanti an analyst and director Arif Habib Investments said bullish activity was witnessed in stocks across the board amid higher trades after announcement of general election date by the President and investor speculations ahead of appointment of caretaker prime minister. Renewed foreign interest in blue-chip stocks and institutional support on strong valuations ahead of quarter end close played a catalyst role in bullish sentiments despite concerns for security in the city, Supreme Court call on LDI operators on ICH issue and rising budget deficit, he added.
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