The Karachi share market on Wednesday depicted positive trend and KSE-100 index gained 118.21 points to close at 9,804.61 points from 9,686.40 points. The index hit 6,867.94 points intra-day high and, due to active buying by local investors, trading volume at ready counter surged to 220.564 million shares as compared to 118.138 million shares of Tuesday.
Market capitalisation surged by Rs 33.879 billion to Rs 2.845 trillion from Rs 2.811 trillion. Of 429 active scrips, 273 closed in positive and 136 in negative, while the value of 20 scrips remained unchanged. JS Sec was the volume leader with 42.714 million shares and it closed at Rs 40.81 with Rs 1.62 gain. Arif habib Sec was on second number with 22.5 million shares and it gained Rs 0.21 to close at Rs 48.27. Pak Oilfields gained Rs 8.75 to close at Rs 225.28 with 9.4 million shares.
PTCL increased by Rs 0.43 to Rs 20.81 with trading of 8.6 million shares. Fauji Fert Bin Qasim gained Rs 1.27 to Rs 26.81 with a trading volume of 7.385 million shares. Engro Chemical with trading volume of 6.25 million shares increased by Rs 2.66 to close at Rs 179.28, and Nishat Mills gained Rs 0.61 to close at Rs 63.82 with 6 million shares.
OGDC closed at Rs 111.15 with an increase of Rs 0.91 and trading of 5.6 million shares. Bank Al-Falah gained Rs 0.11 to close at Rs 14.04 with 5.3 million shares and National Bank gained Rs 0.72 to close at Rs 86.21 with 5.06 million shares.
Siemens Pak Engg and Nestle Pakistan were the highest gainers with Rs 57.31 and Rs 49 to close at Rs 1,457.31 and Rs 1,250 respectively. Unilever Food and Unilever Pak were the worst losers with Rs 56.11 and Rs 16.52 to close at Rs 1,343.89 and Rs 2,263.64 respectively.
Analysts were of the view that with the dollar-based activity drying up, the rumours of a likely delay in the newly-introduced "client level margining" and increase in the number of securities accepted as exposure cure in "CLM" upon re-launching triggered the bull-run at the equity market.
They said the rising trend in international oil prices was yet again welcomed by seasoned participants, allowing the index to stretch to triple digit gains led by oil and gas exploration and marketing stocks. Oil sector stocks were likely to get the recent solution of circular debt issue reflected in their upcoming quarterly announcements mainly in form of healthy cash payouts.
While investment companies maintained the legacy of contributing substantially to the gains, stocks contributed 30 percent to the turnover, besides other low price stocks of fertiliser and textile sector. Sentiment soon spilled towards other sectors, wherein the banking stocks, although failed to invite decent turnover, substantial gains were, however, registered, thereby allowing local participants a healthy trading opportunity, they said.
They said that stagnation towards the closing hour, however, arrested the rising trend of the index. Inability of the rumours of "CLM" delay to materialise did invite offloading, mainly by the local corporate sector. That soon gained pace as the spree was joined in by day-end squaring. Optimism regarding inclusion of more companies acceptable as exposure, besides other developments those triggered the run-up, such as affirmative by US authorities to address the concern regarding Kerry-Lugar bill and increasing trend in international oil prices, however, invited accumulation adjusted levels.
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