The Karachi share market on Tuesday started on a negative note and the KSE-100 index hit 15,371.09 points intra-day low level, down by 97.65 points. However, finally it managed to close in the positive zone at 15,474.07 points, with a marginal gain of 4.33 points. The KSE-30 index increased by 15.71 points and settled at 18,886.86 points level.
"Some negative developments on political front in Sindh and a news regarding imposition of capital gain tax created negativity at the share market and investors opted to offload their holdings", on analyst said. However, increasing oil prices in the international market invited fresh buying in relevant stocks and supported the index to close in positive zone, he added.
Ready market volume increased to 348.910 million shares as compared to 254.486 million shares traded a day earlier. The futures market turnover surged to 91.042 million shares, against 57.279 million shares of Monday.
Market capitalisation increased by Rs 2 billion to Rs 4.739 trillion. Trading took place in 342 scrips, out of which 156 closed in negative and 136 in positive while the value of 50 scrips remained unchanged.
Ahsan Mehanti said that some negative developments in Sindh and news regarding expected imposition of capital gain tax created uncertainty among the market participants and they opted to offload their holdings in early hours. The market started in negative. However, increasing oil prices in the international market to $109 per barrel invited fresh buying in the relevant stocks, which supported the index to enter in positive zone.
The March announcement sessions also encouraged the investors to take fresh positions. Fresh buying was witnessed in oil, cement and fertiliser sector stocks. DG Khan Cement was the star performer of the day with 51.101 million shares and gained Rs 2.15 to close at Rs 118.60, followed by Arif Habib Sec, which increased by Rs 7.70 to close at Rs 196.30 with 44.230 million shares. Lucky Cement surged by Rs 1.40 to close at Rs 145.50 with 22.938 million shares.
Nishat Mills also remained active and increased by Rs 0.50 to close at Rs 130.00 with 27.238 million shares. Engro Chemical surged by Rs 10.50 to close at Rs 357.90 with 19.408 million shares. Fresh buying was also witnessed in E&P and OGDC and POL gained Rs 0.60 and Rs 5.60 to close at Rs 138.10 and Rs 375.50 with 11.230 million shares and 10.586 million shares respectively.
Azgard Nine witnessed selling pressure and declined by Rs 4.00 to close at Rs 76.75. Fauji Fertiliser Bin Qasim lost Rs 0.65 to close at Rs 45.20. Pervez Ahmed closed at Rs 77.50, down by Rs 2.70.
AKD Capital and Pak Reinsurance were the highest gainers and gained Rs 36.00 and Rs 23.85 to close at Rs 766.00 and Rs 501.20 respectively while EFU Life Assurance and Unilever were the highest losers and lost Rs 19.00 and Rs 18.90 to close at Rs 528.00 and Rs 2351.10 respectively.
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