Bullish trend continued at the Karachi share market on the third consecutive day on the back of fresh fund injection by the foreign investors in the country''s share market, rebound in oil prices in the international market and new oil reserves exploration in the country.
The KSE-100 index closed at its intra-day high level of 11,283.87 points with a net gain of 137.60 points while the KSE-30 index surged by 203.43 points to close at 14,245.06 points on Thursday.
The market witnessed heavy trading activity as the ready market volume increased by 56 percent to 283.036 million shares as compared to 181.316 million shares and the futures market turnover increased to 86.338 million shares against 70.991 million shares traded a day earlier.
The overall market capitalisation also increased by Rs 37 billion to Rs 3.075 trillion. Trading took place in 377 scrips out of which 226 scrips closed in positive column and 109 scrips closed in negative column while the value of 42 scrips remained unchanged.
Bank Al Falah was the star performer of the day with 36.234 million shares and the scrip surged by Rs 1.20 to close at Rs 54.45. In the other banking scrips, BoP and NBP gained Rs 0.75 and Rs 1.95 to close at Rs 121.15 and Rs 269.00 respectively. OGDC and PPL also remained active and closed at Rs 120.55 and Rs 257.50 with net gain of Rs 1.75 and Rs 5.50 respectively.
Buying was also witnessed in cement sector as D. G. Khan Cement, Fauji Cement and Lucky Cement surged by Rs 4.35, Rs 0.90 and Rs 3.55 to close at Rs 92.15, Rs 17.95 and Rs 74.85 respectively. In the other top ten volume leaders, Fauji Fertiliser Bin Qasim and Nishat Mills gained Rs 0.45 and Rs 5.90 to close at Rs 31.40 and Rs 103.85.
IDI Insurance and Pak Suzuki were the highest gainers which gained Rs 23.25 and Rs 23.00 to close at Rs 488.40 and Rs 515.00 respectively while Nestle Pakistan and Gillette Pak were the highest losers which lost Rs 70.05 and Rs 7.20 to close at Rs 1331.20 and Rs 136.80 respectively. Ahsan Mehanti, CEO of Shehzad Chamdia Securities said that heavy trading activity was witnessed as the ready and future markets volumes increased significantly.
Rebound in oil prices in the international market, news regarding new reserves exploration by PPL and rumours regarding fresh funds injection buy the foreign investors in the country''s stock market invited buyers for investment in the relevant stocks. Cement sector also performed well on the back of news regarding cement export to India and many relevant scrips closed at their upper limit.
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