Bullish trend was observed at Karachi share market on Monday and the KSE-100 index surged by 134.45 points to close at 8,675.67 points from 8541.22 points due to strong interest of both local and foreign investors on the back of £665 million pledged for Pakistan stability by Britain.
The expectation of significant reduction in CPI figures for August and rise in oil prices in the international market invited buying and the index crossed 8,700 points level to 8,710.19 points intra-day high, up 168.97 points. However, profit taking in late hours, mainly by local investors and day traders, pushed the index slightly down to close at 8,675.67 points.
The volumes at ready counter increased to 260.417 million shares as compared to 201.699 million shares traded on Friday. Market capitalisation increased by Rs 35 billion to Rs 2.536 trillion. Of 371 active scrips, 190 closed in positive and 158 in negative while the value of 23 scrips remained unchanged. Pak PTA was the volume leader with 57.979 million shares and gained Re. 0.57 to close at Rs 5.05.
Buying was seen in the banking sector, and NIB Bank, NBP and Bank Al Falah increased by Re. 0.53, Rs 2.43 and Re. 0.30 to close at Rs 5.51, Rs 70.20 and Rs 11.92 with 20.949 million shares, 15.325 million shares and 7.246 million shares respectively. Investors' interest was also witnessed in E&P sector, and OGDC and POL surged by Rs 4.21 and Re. 0.88 to close at Rs 107.92 and Rs 206.44 with 20.097 million shares and 6.224 million shares respectively.
Pace (Pak) gained Re. 0.55 to close at Rs 7.15 with 16.202 million shares. DG Khan Cement lost Rs 1.76 to close at Rs 33.56 with 12.104 million shares. Arif Habib Sec gained Rs 1.56 to close at Rs 34.83 with 10.931 million shares. PTCL lost Re. 0.19 to close at Rs 21.55 with 8.948 million shares.
Wyeth Pak and Nestle Pakistan were the highest gainers and gained Rs 52.00 and Rs 47.90 to close at Rs 1219.00 and Rs 1097.00 respectively, while Unilever Pakistan and Pak Engineering were the worst losers and lost Rs 59.00 and Rs 9.98 to close at Rs 1360.00 and Rs 202.01 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the £665 million pledge for Pakistan stability by Britain, expectation of significant reduction in CPI figures for August near to 9.6 percent on yearly basis and rise in oil price in the international market invited healthy buying at the local share market on the first day of the week.
The continuing interest of foreign investors at the share market supported the index to breach 8,700 crucial level. Expectation of resolution of circular debt on issue of Rs 90 billion TFCs this week and expected rise in local petroleum prices invited interest in OMCs, IPPs and Refineries, he added.
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