Index gains 22.22 points

A positive trend continued at the Karachi share market on Monday on the back of local investors' support, and the KSE-100 index gained 22.22 points to close at 12,517.90 points. The market opened on a strong positive note and the index hit 12,595.42 points intra-day high level. However, profit taking in some stocks after mid-session minimised the intra-day gains.
The market witnessed healthy trading on the back of aggressive participation of local investors and the volume at ready counter stood at 232.851 million shares as compared to 233.268 million shares traded on last trading session. Market capitalisation increased by Rs 7 billion to Rs 3.264 trillion.
Of 445 active scrips, 140 closed in positive and 104 in negative, while the values of 201 stocks remained unchanged. Jahangir Siddiqui Co was the volume leader with 38.075 million shares and gained Re 0.98 to close at Rs 10.39, followed by Azgard Nine that inched up by Re 0.95 to close at Rs 7.67 with 24.306 million shares.
Fauji Cement lost Re 0.68 to close at Rs 4.11 with 21.589 million shares while DG Khan Cement gained by Re 0.17 to close at Rs 25.33 with 15.607 million shares. Lafarge Pakistan decreased by Re 0.16 to close at Rs 2.28 with 6.297 million shares. In the banking sector, Bank Al Falah, BoP, Summit Bank and Bankislami Pakistan increased by Re 0.39, Re 1.00, Re 0.61 and Re 0.43 to close at Rs 13.59, Rs 8.10, Rs 3.11 and Rs 5.14 with 15.334 million shares, 13.641 million shares, 6.052 million shares and 5.459 million shares respectively. TRG Pakistan inched up by Re 0.37 to close at Rs 2.30 with 15.096 million shares.
Unilever Pakistan and Nestle Pakistan were highest gainers by Rs 49.86 and Rs 35.79 to close at Rs 5550.00 and Rs 3298.37 respectively, while Siemens Pakistan and Wyeth Pak were worst losers by Rs 12.43 and Rs 10.22 to close at Rs 808.73 and Rs 730.03 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the local equities got a jump-start mainly on gains in oil sector stocks, likely to benefit with increasing oil prices in international markets on growing eastern and western tensions. However, hefty volumes in low priced and mid-tier stocks, which witnessed high volatility on strength and provided massive jobbing opportunities, poured in substantial volumes to the overall turnover. Low priced and below par stocks contributed more than 60 percent to the overall turnover, while contribution to total value stood at 20 percent.
"Although the rumours-led gains in various low priced stocks failed to materialise, major turnarounds, as being pitched, usually materialise in growing economies. Volumetric activity, however, was successful in inviting sideliners, including various corporate participants mainly for short-term punt. But buyers in mid-tier and frontline stocks, likely to face roll-over pressure, looked cautious, mainly due to gloomy economic and financial horizon. Intra-day snap rallies, sector and stocks swapping, however, did invite decent volumes in frontline stocks trading at low multiples, if assessed in a scenario wherein committed changes mainly on reduced margin requirements and computation and collections of CGT are implemented", he said.