Index rises 139.27 points

The Karachi share market on Friday witnessed a bullish trend on the back of local investors and institutional support and the benchmark KSE-100 index increased by 139.27 points to close at 14,310.18 points. The market opened on a positive note and the index hit 14,323.17 points intra-day high.
"The resumption of Nato supply and improving Pak-US relations invited fresh buying and encouraged investors to take fresh positions on available attractive levels at the local bourse", analysts said. Trading activities also improved as the volumes at ready counter increased to 94.336 million shares as compared to 38.844 million shares traded on Thursday. Total market capitalisation increased by Rs 36 billion to Rs 3.644 trillion. Of the total 330 active stocks, 159 closed in positive and 73 in negative while the value of 98 stocks remained unchanged.
DG Khan Cement was the volume leader with 17.835 million shares and gained Re 1.00 to close at Rs 42.72. Lucky Cement and Lafarge Pakistan increased by Rs 2.01 and Re 0.19 to close at Rs 122.29 and Rs 4.69 with 4.506 million shares and 3.541 million shares respectively.
Engro Foods surged by Rs 3.08 to close at Rs 67.93 with 6.271 million shares. Jahangir Siddiqui Co inched up by Re 0.41 to close at Rs 13.51 with 5.947 million shares. Bank Al Falah gained Re 0.19 to close at Rs 17.88 with 5.076 million shares. Fatima Fertiliser Co increased by Re 0.19 to close at Rs 25.45 with 4.588 million shares. KESC inched up by Re 0.08 to close at Rs 3.66 with 3.791 million shares. Hub Power Co increased by Re 0.60 to close at Rs 42.93 with 3.623 million shares. TRG Pakistan lost Re 0.11 to close at Rs 3.58 with 3.152 million shares.
Unilever Pak and Nestle Pakistan were the top gainers increasing by Rs 45 and Rs 44.29 to close at Rs 7,290 and Rs 4116.71 respectively, while Siemens Pakistan and Mithchells Fruit were the top losers declining by Rs 7.97 and Rs 7.97 to close at Rs 672.03 and Rs 262.03 respectively.
"With, external and internal stand-offs easing, the local participants mainly from the institutional corridors continued the buying spree even at improved levels", Hasnain Asghar Ali, senior equity market analyst said. He said cement sector stocks besides various triggers including assumption of better results for the year ending, would continue to benefit from resumption of trade ties with Afghanistan led the momentum along with other front line stocks, wherein fertiliser stocks stayed the runners-up, thus allowing the benchmark to sustain bull-run throughout the session.
"Although traded value stayed on the lower side mainly due to religious, semi-holiday in various business centers, various low priced and group specific stocks besides keeping the volume ticking, kept the interest of day traders alive, day-end profit taking however did took off some gains from the benchmark", he said.
He was of the view that resumption of supply lines would indeed provide some respite to the fast deleting forex reserves and values of the local currency, since various payment withheld are likely to be released. "Although the decision may create some political activity, the decision will help the deficit issues, while likely amendment in the laws as proposed by the parliament will certainly reduce volatility linked to the leadership, thus back-to back decisions will allow the equity markets participants to focus on corporate profitability and not the external matters that have indeed kept the activity at the local bourse confined for some time", he added.