The Karachi share market on Tuesday witnessed healthy trading on the back of expectations of early introduction of leverage product. The rising trend in regional markets and higher than expected payout of National Bank triggered across the board buying rally and the KSE-100 index surged by 319.20 points to close at 11,608.43 points.
The local investors took fresh positions aggressively in the oversold market. The institutions also joined the rally that supported the volume to increase significantly. On the other hand, healthy activity was witnessed by foreign players as they bought shares worth $8.6 million. However, they remained net sellers of shares worth $3.9 million.
Trading improved significantly and the volume at ready counter increased to 153.038 million shares as compared to 86.234 million shares traded on Monday. Market capitalisation surged by Rs 83 billion to Rs 3.141 trillion. Of 381 active scrips, 220 closed in positive and 68 in negative, while the value of 93 scrips remained unchanged.
Lotte Pakistan PTA was the volume leader with 26.999 million shares and gained Re 1.00 to close at Rs 15.53. National Bank surged by Rs 3.40 to close at Rs 71.59 with 14.057 million shares. BoP inched up by Re 0.33 to close at Rs 7.44 with 9.261 million shares. Nishat (Chunian) lost Re 0.11 to close at Rs 24.47 with 7.490 million shares. Hub Power declined by Re 0.14 to close at Rs 38.60 with 6.797 million shares. Azgard Nine decreased by Re 0.24 to close at Rs 8.59 with 6.458 million shares.
Fauji Fertiliser Bin Qasim gained Re 1.00 to close at Rs 41.33 with 5.735 million shares. Arif Habib Corp inched up by Re 0.72 to close at Rs 20.62 with 4.238 million shares. Engro Corporation surged by Rs 5.87 to close at Rs 214.38 with 3.915 million shares. Fauji Fertiliser Co (FFC) increased by Rs 3.77 to close at Rs 118.51 with 3.748 million shares.
Unilever Pak and Bata Pak were the highest gainers, increasing by Rs 23.92 and Rs 23.23 to close at Rs 4682.12 and Rs 551.65 respectively, while Unilever Foods and Nestle Pakistan were the worst losers declining by Rs 66.18 and Rs 55.26 to close at Rs 1257.48 and Rs 3400.24 respectively. Samar Iqbal, equity dealer at Topline Securities, said that in line with upsurge in regional markets, KSE also gained 2.83 percent with healthy volumes.
He said that higher than expected payout of National Bank triggered buying rally across the board. Volume rose to 5-week high to Rs 7 billion. Most of the stocks closed at their upper circuit-breakers like LOTPTA, NBP, MCB, PPL, POL.
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