Bullish trend continued at Karachi share market on Monday on the back of both local and foreign investors' support and the KSE-100 index crossed 10,700 mark. Although this time the foreign investors remained net sellers of shares worth $1.3 million, the local participants and institutions supported the index to register healthy gain.
After positive opening, the index hit 10,769.38 points intra-day high, up 116.90 points. However, profit taking in late hours reduced the gains and the index closed at 10,703.71 points with a gain of 51.23 points. Trading reduced slightly and the volume at the ready counter declined to 158.053 million shares as compared to 160.344 million shares traded on Friday.
Market capitalisation increased by Rs 15 billion to Rs 2.932 trillion. Of 390 active scrips, 233 closed in positive and 145 in negative, while the value of 12 scrips remained unchanged. Lotte Pakistan PTA was the volume leader with 15.917 million shares and gained Re 0.18 to close at Rs 10.43.
Bank Al Falah, NBP and BoP increased by Re 0.67, Re 0.12 and Re 0.39 to close at Rs 9.99, Rs 67.81 and Rs 9.04 with 11.210 million shares, 7.933 million shares and 4.110 million shares respectively. SilkBank lost Re 0.06 to close at Rs 2.84 with 4.215 million shares. Jahangir Siddiqui Co inched up by Re 0.19 to close at Rs 10.44 with 7.802 million shares. Nishat Power increased by Re 0.21 to close at Rs 13.51 with 6.884 million shares. Azgard Nine gained Re 0.37 to close at Rs 11.74 with 6.378 million shares.
Nishat Mills surged by Rs 1.11 to close at Rs 52.82 with 5.280 million shares. Nishat (Chunian) increased by Rs 1.03 to close at Rs 21.81 with 4.007 million shares. Siemens Pak and Bata Pak were the highest gainers increasing by Rs 59.17 and Rs 25.74 to close at Rs 1242.65 and Rs 540.69 respectively, while Atlas Honda and Shell Pakistan were the worst losers declining by Rs 6.03 and Rs 4.87 to close at Rs 114.94 and Rs 183.62 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the positive opening and decent turnover kept the participation at the local bourse on higher side. Turnover was contributed by low priced stocks while index gains were supported by increase in valuation as of the main board stocks. Besides isolated interest in various concerned multinationals, the banking stocks stayed in the limelight mainly due to the ongoing drive ordered by the Supreme Court for recovery of loans waived in previous regimes worth billions. Since successful drive in the direction means improved cash flows for banks, almost the entire sector displayed strength and improved valuations, backed by decent turnover.
He said that the presence of local financial groups and resident participants not only kept the likely sellers on the back foot, but the main board stocks, having potential of trading at comparatively higher multiples on the back of improved earnings in quarterly announcements and after introduction of Margin Trading System, also invited fresh funds inflow from the local corporate corridors sector. The stocks swap kept the volume contribution of even the main board on higher side, while the day traders made swift moves in the low priced stocks, initiated b the resident participants thus allowing the local equities to reflect a healthy posture. He was of the view that the day end off-loading and dried-up volumes towards the end did make life difficult for the day traders.
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