Karachi share market started on positive note and the benchmark KSE-100 index once again breached through 14,000 psychological level and hit 14,028.91 points intra-day high level on Friday on the back of fresh buying in oil and gas sectors.
However, the index could not sustain that level and finally closed at 13,985.89 points with a net gain of 43.89 points. The overall market capitalisation surged by rupees nine billion and reached at its highest ever level of 4.103 trillion. The junior KSE-30 index, however, declined by 18.35 points to close at 17,035.49-point level.
The market started on positive note, however, selling pressure in some select stocks pushed the index down and at one time the index reached 13,927.83 points intra-day low level.
The market witnessed healthy trading activity as the ready market volume increased to 413.143 million shares as compared to 383.078 million shares traded a day earlier. The futures market turnover surged to 58.001 million shares against 50.480 million shares previously.
Trading took place in 409 scrips, out of which 229 scrips closed in positive column and 136 scrips closed in negative column, while the value of 44 scrips remained unchanged.
Fauji Cement was the star performer with 38.325 million shares and the scrip surged by Rs 0.45 to close at Rs 22.15, while Dewan Cement and Maple Leaf Cement gained rupee one and Rs 0.35 to close at Rs 25.35 respectively. TRG, which increased by Rs 0.20 to close at Rs 17.45, however, Telecard declined by Rs 0.15 to close at Rs 14.35.
The E&P performed well as OGDC and PPL surged by rupee one and Rs 2.40 to close at Rs 122.00 and Rs 273.60 respectively. Bosicor Pakistan lost Rs 0.30 to close at Rs 20.05. Saudi Pak Bank gained Rs 1.30 to close at Rs 27.90 and Arif Habib Sec increased by Rs 6.35 to close at Rs 133.85.
UniLever and Siemens were the highest gainers, which gained Rs 55.00 and Rs 45.00, to close at Rs 2300.00 and Rs 1645.00 respectively, while Bata (Pak) and Pak Services were the highest losers, which lost Rs 14 and Rs 9.50 to close at Rs 376.00 and Rs 460 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the start of the market was positive and the KSE-100 index once again breached through 14,000 crucial level on the back of fresh buying in oil and gas sectors related stocks. However, the index could not sustain that level due to some negative rumours and profit taking in some select stocks pushed the index down at the closing level.
Oil and gas sector stocks led the market upsurge on the back of increasing oil prices in the international market, which have crossed 75 dollars per barrel. A positive development in Pak-India-Iran pipeline project was also positive news, which invited fresh buying in OGDC, PPL, SSGC, SNGPL, Mari Gas and other relative stocks. Profit taking was witnessed in banking and cement sectors as most of the relevant stocks closed in negative zone.
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