KSE turns bullish

Bullish trend was witnessed at the Karachi share market on Thursday on the back of strong interest of foreign investors. The KSE-100 index surged by 94.72 points to close at 9,879.70 points level. The market opened on a strong positive note and the index hit 9,909.70 points intra-day high, up 124.72 points. However, profit taking in some select stocks in late hours minimised the intra-day gains.
Trading activity significantly increased as the volumes at ready counter surged to 204.489 million shares as compared to 127.835 million shares traded on Wednesday. The overall market capitalisation increased by Rs 25 billion to Rs 2.842 trillion. Trading took place in 410 scrips, of which 215 closed in positive and 173 in negative while the value of 22 scrips remained unchanged.
PTCL was the volume leader with 30.826 million shares gaining Re 0.80 to close at Rs 20.80. Lotte Pakistan increased by Re 0.55 to close at Rs 11.48 with 30.005 million shares. A mixed trend was seen in the cement sector, as DG Khan Cement lost Rs 1.48 to close at Rs 31.07 with 18.504 million shares, while Lucky Cement gained Re 0.92 to close at Rs 77.49 with 6.773 million shares.
Fauji Fertiliser Bin Qasim surged by Rs 1.07 to close at Rs 33.64 with 14.169 million shares. National Bank increased by Rs 1.74 to close at Rs 97.05 with 7.270 million shares. Azgard Nine gained Re 0.27 to close at Rs 19.24 with 7.261 million shares. PIA inched up by Re 0.45 to close at Rs 3.13 with 5.588 million shares.
Hub Power gained Re 0.54 to close at Rs 36.07 with 4.320 million shares. Adamjee Insurance increased by Re 0.71 to close at Rs 127.71 with 4.229 million shares. Unilever Pakistan and Fazal Textile were the top gainers with Rs 148.90 and Rs 11.88 to close at Rs 3127.07 and Rs 423.82, respectively while Wyeth Pak and Bata (Pak) were the worst losers with Rs 15.78 and Rs 12.82 to close at Rs 935.22 and Rs 727.18, respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said the bullish activity was witnessed at the local bourse on continuing foreign investment in Pakistan telecom, banks and power sector. The rise in oil prices in the international market also invited buying the oil sector.
The strong valuations in blue chips scrips played a catalyst role in positive activity in post result announcement session despite renewed concerns over rising circular debt in oil and gas sector and investor concern over rising CPI inflation in the country.