Healthy recovery was witnessed on the Karachi share market on Friday on the back of investors'' interest on available attractive levels. The benchmark KSE-100 index recovered 130.22 points and closed at the level of 13,730.82 points. Trading activities also improved as the volumes at ready counter increased to 84.863 million shares as compared to 57.159 million shares traded on Thursday.
Total market capitalisation increased by Rs 34 billion to Rs 3.504 trillion. Of the total 353 active stocks, 167 closed in positive and 77 in negative while the value of 109 stocks remained unchanged. The cement sector led the rally as DG Khan Cement was the volume leader with 7.363 million shares and increased by Re 1.08 to close at Rs 40.16. Lucky Cement surged by Rs 1.14 to close at Rs 114.32 with 5.02 million shares.
Investors'' interest was also seen in the banking sector, as IGI Inv. Bank, Bank Al Falah and Bankislami Pakistan gained Re 0.23, Re 0.44 and Re 1 to close at Rs 2.25, Rs 16.94 and Rs 9.74 with 7.058 million shares, 6.631 million shares and 2.102 million shares respectively. Jahangir Siddiqui Co inched up by Re 0.05 to close at Rs 13.17 with 4.432 million shares. Japan Power closed at Rs 1.7, up Re 0.25 with 4.208 million shares.
Engro Foods surged by Rs 2.91 to close at Rs 68.09 with 3.73 million shares. Fatima Fertiliser Co gained Re 0.53 to close at Rs 24.66 with 2.898 million shares. PTCL inched up by Re 0.04 to close at Rs 14.04 with 2.267 million shares. Siemens Pakistan and Indus Dyeing were the top gainers increasing by Rs 14.87 and Rs 9.18 to close at Rs 733.56 and Rs 404.16 respectively, while Nestle Pakistan and Unilever Pak were the top losers declining by Rs 23.73 and Rs 17.43 to close at Rs 4061.68 and Rs 7,350 respectively.
"Unlike regional and international equity markets the local bourse despite fast depleting reserves, high government borrowing and volatile political scene, on back of marginally over sold situation, did stage recovery wherein the cement sector stocks led the recovery path, after initial set-back", an equity market expert Hasnain Asghar Ali said.
Although turnover stayed on lower side, volatility did keep the short term traders active for intra-day punting, while the likely potential buyers awaited bargain opportunities, low priced stocks led the turnover, low volume strength in the heavily weighed E&P stocks, mainly OGDC (more than 50 percent to the overall gains) did extend maximum support to the capitalisation based, benchmark, he added.
He said the two billion rupees roll over next week would be among various factors to watch for, although not much of policy shift is expected from the new PM and his team the ballooned up financial and economic matters will continue to hamper aggressive and volumetric activity, with oil prices on decline the upcoming results for the year end that may get respite due to declining value of local currency, the results are unlikely to beat the expectations, thereby keeping fresh inflows subject to deep discounts, caution therefore stays the recommendation, with sell on low volume strength in high priced stocks.
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