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The Karachi share market, after witnessing another dull session on Tuesday with record low volumes, finally closed at 9,229.51 points, with a gain of just 19.36 points. The KSE-30 index increased by 17.45 points and settled at 10,200.11 points level.
The newly introduced KMI-30 index gained 31.29 points on the first day of its formal launching and settled at 11,368.47 points level. The market witnessed a record low volumes of 8.882 million shares as compared to 23.619 million shares traded on Monday. The futures market turnover decreased to 0.539 million shares against 2.261 million shares in the previous session.
The overall market capitalisation surged by Rs 6 billion to Rs 2.888 trillion. Out of the total 199 scrips traded on Tuesday, 57 increased and 43 declined while the value of 99 scrips remained unchanged. Zeal Pak was the overall volume leader of the day with 1.642 million shares and it closed at the same level of Rs 1.16.
In the banking sector, NIB Bank lost Re. 0.02 to close at Rs 8.45 with 1.113 million shares. However, Allied Bank and UBL closed at the same level of Rs 58.31 and Rs 68.25 with 0.197 million shares and 0.175 million shares, respectively. Fauji Fertiliser Bin Qasim closed at Rs 22.78 without any change with 0.463 million shares, Fauji Fertiliser declined by Re. 0.39 to close at Rs 103.51 with 0.234 million shares.
Hub Power remained active and gained Re. 0.53 to close at Rs 22.24 with 0.339 million shares. Pak PTA Limited closed at the same level of Rs 3.18 with 0.258 million shares. Fauji Cement gained Re. 0.07 to close at Rs 6.97 with 0.183 million shares. Harum Textile Mills increased by Re. 0.55 to close at Rs 1.70 with 0.176 million shares.
Shell Pakistan and IGI Insurance were the highest gainers and gained Rs 18.74 and Rs 8.66 to close at Rs 429.99 and Rs 181.86, respectively while Thal Limited and Shaheen Insurance were the worst losers and lost Rs 5.60 and Rs 3.54 to close at Rs 127.30 and Rs 67.36, respectively.
Ovais Siddiqui, Head of International Sales at First Capital Equities, said that the market dullness reached its peak post-freezing of the market and with a total trade of just 9 million shares, the index marked a recovery of 19 points. Selling pressure continued to loom over the market throughout the day, especially in OGDC, NBP and LUCK. Buyers were hesitant to enter the market at presumably higher prices. This level of dullness is likely to present in the market as long as the market remains frozen.

Copyright Business Recorder, 2008

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