Bulls retain control at KSE

The might of bulls at the share market here on Monday remained unchallenged, as a result of which, KSE-100 index succeeded in breaching the 10,700 mark. The market started off on a positive note and hit the 10709.32 points level.
However, the sprint encountered a sharp plunge, resulting in KSE-100 index touch 10620.62 point intra-day low due to across-the-board selling. Nonetheless, buying spree started from that point onward and the KSE-100 index closed near the intra-day high at 10,705.87 points, with a gain of 64.56 points.
During the process, KSE-30 index surged by 99.31 points to close at 13,492.08 points. Overall ready market volume decreased by 15 percent to 127.671 million shares from 149.996 million shares last traded, whereas market capitalisation increased by Rs 17 billion to Rs 2.934 trillion.
Gainers outnumbered losers by to 2 as 181 scrips closed in positive column and 133 scrips closed in negative column while the value of 35 scrips remained unchanged, out of total 349 scrips traded. Hub Power remained the star performer of the day with 11.777 million shares and closed at Rs 31.40, up by Rs 0.60, followed by MCB with 9.082 million shares surging by Rs 4.10, to close at Rs 274.10.
Ahsan Mehanti, CEO of Shehzad Chamdia Securities, said that some activity was seen in oil scrips after rebound in oil prices in the international market as the price increased to $52 from $50 per barrel. Good earning expectations in banking sector also invited buying in relevant scrips.
Faisal Khatri, analyst at Live Securities, said that buying spree was evident from the news regarding POL''s successful completion of one of its ''development well'' and positive earnings expectations of some notable scrips. Overall, the exploration sector remained mixed as at a certain level OGDCL and POL surged by 0.2 percent and 0.9 percent to close at Rs 116.25 and Rs 341.55, respectively, while PPL lost 0.4 percent on profit taking.
Engro announced its financials in the morning with bottom-line depicting an unprecedented 10 percent growth. The scrip gained Rs 1.10 to close at Rs 180.10 after touching Rs 182.00 intra-day high. FFC also gained Rs 2.00 on expectations of higher FY06 earnings.
Among banking scrips, MCB and NBP remained in the limelight increasing by 1.5 percent and 0.5 percent, respectively. Cement scrips sparked on rumours regarding a meeting to set up cartel in order to floor cement prices at a certain level.