The Karachi share market continued its upward trend setting new records as the KSE-100 index hit 15,401.81 points intra-day high level for the first time in its history on Thursday. Although it could not sustain that level due to profit taking but closed at its new high level of 15,345.32 points, with a fresh gain of 12.41 points.
The KSE-30 index settled at 18,684.74 points, up by 3.43 points. The market started on a positive note on the back of political stability due to recent developments on this front, which encouraged investors to take fresh positions. However, the market participants opted for profit taking and offloaded their holdings on available margins, which pushed the index into negative zone to reach 15,303.69 points intra-day low.
The market witnessed healthy trading activity as the ready market volume increased to 353.330 million shares as compared to 248.943 million shares traded a day earlier. The futures market turnover increased to 71.831 million shares against previous 39.764 million shares.
The overall market capitalisation surged by Rs 7 billion to reach its new record level of Rs 4.698 trillion. Trading took place in 379 scrips, of which 171 scrips closed in positive, 168 in negative while the value of 40 scrips remained unchanged.
Cement sector led the rally as Lucky Cement and DG Khan Cement surged by Rs 6.90 and Rs 2.70 to close at Rs 145.10 and Rs 116.15 with 28.941 ad 26.057 million shares respectively. BankIslami, JS Bank and BoP increased by Rs 0.40, Rs 0.60 and Rs 0.90 to close at Rs 20.85, Rs 22.75 and Rs 68.15, respectively.
Engro Chemical performed well and gained Rs 14.75 to close at Rs 340.00. Nishat Mills increased by Rs 4.20 to close at Rs 117.50. Arif Habib Sec surged by Rs 0.40 to close at Rs 183.10. Pervez Ahmed closed at Rs 2.85. Sitara Peroxide was the only scrip, out of top 10 volume leaders, which closed in negative at Rs 71.00, down by Rs 0.50.
Siemens Pakistan and Pak Reinsurance were the highest gainers and gained Rs 79.30 and Rs 16.15 to close at Rs 1690.00 and Rs 433.00 respectively while Pak Services and EFU General Insurance were the highest losers and lost Rs 23.00 and Rs 10.90 to close at Rs 510.00 and Rs 734.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said talks between PPP and MQM was a very positive development on political front. The crude oil prices in the international market retreated to $104, which invited buying in the relevant stocks. Morgan Stanley has reported that Pakistan capital market is key performer and most attractive in the region. The cement sector remained in the limelight on increase in cement export demand and rising prices.
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