Bulls stage comeback

The Karachi share market on Monday, the first day of new fiscal year 2007-08, witnessed a fresh bull-run, with the KSE-100 index crossing new high 13,900 points mark and closing at 13,929.70 points with a gain of 157.24 points on the back of renewed buying by both foreign investors and local institutions, mainly in telecom and cement sectors.
The market capitalisation surged by Rs 47 billion to a record level of Rs 4.066 trillion. The KSE-30 index crossed 17.100 points level, surging 116.60 points, to close at 17,110.11 points mark. The market opened on a positive note and the bulls gradually strengthened their position. The ready market volume, however, declined to 410.121 million shares against 447.722 million shares traded on Friday.
The futures market turnover also declined and stood at 61.518 million shares against 128.662 million shares. Of 407 stocks traded, 255 scrips closed in positive column and 123 closed in negative column, while the value of 29 scrips remained unchanged.
Pak PTA was the star performer with 33.274 million shares and surged by Rs 1.00 to close at Rs 6.50. It was followed by PTCL which gained Rs 1.85 to close at Rs 58.85 with a total volume of 30.434 million shares. WorldCall Telecom and TRG also performed well and increased by Rs 0.75 and Rs 1.00 to close at Rs 19.10 and Rs 17.40 respectively. OGDC increased by Rs 2.20 to close at Rs 122.00.
Fauji Cement, Lucky Cement and Dewan Cement gained Rs 0.90, Rs 0.75 and Rs 1.00 to close at Rs 20.60, Rs 138.50 and Rs 18.35 respectively. Bank Al Falah was the only scrip in top ten volume leaders which closed in negative column at Rs 61.85 down by Rs 3.25.
Wyeth Pak and Jahangir Siddiqui Co were the highest gainers which gained Rs 95.00 and Rs 27.35 to close at Rs 2159.00 and Rs 574.35 respectively, while Siemens and JS Global Capital Limited were the highest losers which lost Rs 26.00 and Rs 8.00 to close at Rs 1709.00 and Rs 430.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the market was led by telecom sector. PTCL performed exceptionally well on the back of rumours regarding a deal of Ufone. Cement sector also remained active on the back of good expectations regarding petroleum policy, to be announced in near future.
In banks sector, NBP performed well, but Bank Al Falah closed at its lower lock. Foreign interest was seen in fertiliser sector as SCRA balances stood at $978 million. On the other hand, oil prices in the international market at $70 per barrel encouraged the investors to take fresh positions in relevant stocks.