Positive trend was observed at Karachi share market on Tuesday and the KSE-100 index gained 99.94 points to close at 12,130.58 points on the back of both foreign and local investors' support. Trading improved and the volume at ready counter increased to 70.111 million shares as compared to 40.276 million shares traded on Monday.
Of 351 active scrips, 173 closed in positive and 67 in negative, while the values of 111 stocks remained unchanged. NIB Bank was the volume leader with 9.282 million shares. However, it lost Re 0.04 to close at Rs 1.50. Byco Petroleum gained Re 0.99 to close at Rs 9.14 with 6.480 million shares. Jahangir Siddiqui Co inched up by Re 0.34 to close at Rs 7.51 with 6.406 million shares. Azgard Nine increased by Re 0.23 to close at Rs 6.02 with 4.804 million shares.
Arif Habib Corp surged by Re 1.00 to close at Rs 22.39 with 3.866 million shares. Lotte Pakistan PTA gained Re 0.19 to close at Rs 15.25 with 3.394 million shares. Fauji Fertiliser Bin Qasim increased by Re 0.53 to close at Rs 42.48 with 2.774 million shares. Bank Al Falah inched up by Re 0.12 to close at Rs 10.63 with 2.278 million shares. D G Khan Cement gained Re 0.52 to close at Rs 22.39 with 1.942 million shares. Netsol Technologies gained Re 0.94 to close at Rs 21.52 with 1.902 million shares.
Rafhan Maize and Unilever Pak were the highest gainers increasing by Rs 88.44 and Rs 41.27 to close at Rs 2666.08 and Rs 5253.68 respectively, while Bata (Pak) and Pak Engineering were the worst losers declining by Rs 5.02 and Rs 3.26 to close at Rs 471.41 and Rs 89.57 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the low volume strength, led by frontline stocks, yet again failed to invite follow-up support, despite positive vibes from the "top companies' award" regarding proposed changes in CGT implementation in upcoming budget. Various reservations, however, did surface, suggesting an altered acceptance of proposals forwarded by the KSE BoDs with limited triggers and mixed to negative activity in various regional and international equity markets, declining trend in international oil prices. The stakeholders awaited official announcements expected during pre-budget commentaries for fresh placements.
"Although turnover stayed on the lower side, dividend-yielding frontline stocks, on the back of corporate influx, allowed the traded value to display improvement. Snap rallies in various low priced and illiquid stocks, besides allowing various trading opportunities, allowed the turnover to witness mild improvement, in comparison to previous session", he said. He said that positive stance did restrict the expected sell-off in various high priced stocks. However, sector and stock swapping stayed a prominent feature, forcing the index to stay in consolidation phase. Caution was, however, evident.
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