SEF helps in KSE recovery

Karachi share market on Tuesday witnessed selling pressure in the early hours and the KSE-100 index hit 5,929.90 points intra-day low level, down by 111.54 points. However, the NIT announcement to start buying through State Enterprise Fund invited fresh buying and supported the index to recover intra-day losses and to hit 6,140.09 points intra-day high level, up by 98.65 points.
Finally the index closed at 6,059.09 points, with a net gain of 17.65 points. Trading activity improved and the ready market volume increased to 165.311 million shares as compared to 123.007 million shares traded a day earlier. The overall market capitalisation slightly increased by Rs 2 billion to Rs 1.905 trillion. Trading took place in 257 scrips, out of which 147 scrips closed in the negative and 100 in the positive while the value of 10 scrips remained unchanged.
WorldCall Telecom was the overall volume leader of the day with 26.885 million shares and gained Re. 0.56 to close at Rs 4.32. OGDC increased by Re. 0.79 to close at Rs 53.28 with 13.230 million shares. TRG Pakistan closed at Rs 2.76, up by Re. 0.25 with 8.515 million shares. Zeal Pak gained Re. 0.04 to close at Re. 0.65 with 7.783 million shares. PTCL increased by Re. 0.40 to close at Rs 16.50 with 7.249 million shares. Pace (Pak) Limited surged by Re. 0.32 to close at Rs 9.47 with 6.475 million shares.
Fauji Fertiliser Bin Qasim lost Re. 0.90 to close at Rs 15.00 with 5.769 million shares. NIB Bank gained Re. 0.05 to close at Rs 5.77 with 5.331 million shares. HBL declined by Rs 3.52 to close at Rs 71.72 with 4.643 million shares. Bankislami Pakistan lost Re. 0.27 to close at Rs 7.01 with 4.198 million shares.
Attock Petroleum and PPL were the highest gainers and gained Rs 8.74 and Rs 6.74 to close at Rs 183.73 and Rs 141.56 respectively while EFU Life Assurance and Shell Pakistan were the worst losers and lost Rs 16.09 and Rs 12.63 to close at Rs 305.89 and Rs 240.13 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the buying activity has witnessed as NIT State Enterprise Fund started investment in the share market from Tuesday. Although the market witnessed selling pressure in the early hours and the index declined below the 5,000 psychological level, however, investors'' confidence was revived as NIT State Enterprise Fund took charge to bail out capital market from its current crises.