A bullish trend continued on the Karachi share market and the benchmark KSE-100 index on Monday closed at the highest ever level of 15,848.63 points with an increase of 55.88 points. Besides, fresh buying by local investors the foreign participants' interest continued and they remained net buyers of shares worth 0.55 million dollars.
The market opened on a strong positive note on the back of local investors support and the index hit 15,878.94 points intra-day high level. Trading activities however remained low as the volumes at ready counter declined to 149.119 million shares as compared to 208.918 million shares traded on last session. Total market capitalisation increased by Rs 19 billion to Rs 3.964 trillion. Of the total 326 active stocks, 175 closed in positive and 133 in negative while the value of 18 stocks remained unchanged.
KESC was the volume leader with 19.792 million shares and gained Re 0.72 to close at Rs 6.25. Jahangir Siddiqui Co increased by Re 0.64 to close at Rs 14.93 with 15.667 million shares. Azgard Nine inched up by Re 0.05 to close at Rs 6.78 with 9.209 million shares. Engro Foods declined by Rs 1.58 to close at Rs 70.50 with 8.468 million shares. In the cement sector, DG Khan Cement and Lafarge Pakistan lost Rs 1.11 and Re 0.24 to close at Rs 51.22 and Rs 5.62 with 6.405 million shares and 4.606 million shares respectively.
Nishat Mills surged by Rs 1.42 to close at Rs 63.55 with 6.112 million shares. JS Investments gained Re 0.36 to close at Rs 9.44 with 5.874 million shares. Askari Bank inched up by Re 0.32 to close at Rs 16.83 with 3.56 million shares. Engro Corporation increased by Rs 1.1 to close at Rs 96.97 with 3.47 million shares.
Unilever Food and Bata (Pak) Limited were the top gainers increasing by Rs 120 and Rs 65.59 to close at Rs 3,690 and Rs 1377.56 respectively, while Unilever Pak and Mithchells Fruit were the top losers declining by Rs 290.8 and Rs 5.65 to close at Rs 9709.2 and Rs 379.7 respectively.
Hasnain Asghar Ali Escorts Capital said local equities continued to consolidate gains despite cut short trading week due to Eid holidays and future roll-over, singled out frontline stocks did witness off-loading, value buying on dips besides keeping the volumes ticking restricted the index from losing ground, while banking, and E&P stocks those invited buyers on strength, the fertiliser stocks under went negativity for consolidation, although frontline stocks of the sector faced technical adjustment, relatively high volatility in the cement stocks invited higher trading float, wherein huge float was exchanged on intra-day lows.
"With the benchmark hovering around the highest trajectory, roll-over week, upcoming extended week-end and unclear stance of the authorities on Economic and Financial matters might restrict the activity, volumetric activity may however invite follow-up buying however incase of low volume session dips will be awaited for fresh bets", he added.
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