Bullish trend continued at Karachi share market on Wednesday and KSE-100 index gained 69.98 points to close at 9,727.36 points. The market opened on a positive note and the index hit 9,810.19 points intra-day high, up 152.81 points. However, profit taking in late hours in some select stocks minimised the gains.
Trading activities further improved and the volume at ready counter increased to 228.207 million shares as compared to 193.334 million shares traded on Tuesday. Market capitalisation increased by Rs 18 billion to Rs 2.796 trillion. Trading took place in 403 active scrips, out of which 200 closed in positive and 176 in negative, while the value of 27 scrips remained unchanged.
Lotte Pakistan was the volume leader with 31.206 million shares and gained Re. 0.60 to close at Rs 8.84. Jahangir Siddiqui Co increased by Re. 0.73 to close at Rs 31.17 with 16.318 million shares. Arif Habib Sec surged by Re. 0.73 to close at Rs 52.27 with 14.660 million shares. Nishat (Chunian) inched up by Re. 0.97 to close at Rs 21.53 with 10.623 million shares. Investors' interest continued in E&P sector as the index heavyweight OGDC increased by Rs 1.32 to close at Rs 118.73 with 10.009 million shares.
Buying was also seen in the banking sector and NBP, Bank Al Falah and NIB Bank surged by Rs 1.44, Re. 0.10 and Re. 0.11 to close at Rs 80.72, Rs 14.14 and Rs 5.09 with 9.928 million shares, 9.209 million shares and 7.910 million shares respectively. However, BoP lost Re. 0.36 to close at Rs 20.49 with 7.413 million shares. PTCL gained Re. 0.26 to close at Rs 18.55 with 9.194 million shares.
Fazal Textile and Hinopak Motor were the highest gainers and increased by Rs 18.25 and Rs 9.81 to close at Rs 422.00 and Rs 212.49 respectively, while Siemens Pak and Lakson Tobacco were the worst losers and declined by Rs 54.47 and Rs 7.98 to close at Rs 1240.53 and Rs 265.01 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that foreign buying from previous session kept the local participants on accumulation drive mainly in the stocks identified by foreign funds. The anticipatory buying allowed the index to register substantial gains. Although local participants did come in for booking profits, low intensity selling, however, never disturbed the sentiment. Identical to prior session, the investment companies led the show from there on as confidence bets by traders, mainly with a view to track index, stocks of the sector led the turnover as well.
He said that the impact of settlement of LOC holders in NIT did play its part as the cash scrapped OMC, PSO, did invite corporate and local investors' interest. Despite negative impact of decline in local currency value on its profitability, supporting the gains was the rumour regarding resolution of circular debt, by making partial payments to PSO.
Nevertheless, decent turnover and positive numbers on the index did invite sideliners' participation in both low priced and expensive stocks. The change in stance kept the momentum positive throughout the session and that stayed across the board.
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