The Karachi Stock Exchange on the second consecutive day on Wednesday witnessed a positive trend and with a slight increase of 11.15 points, the benchmark KSE-100 index closed at new peak level of 16,869.83 points from 16,858.68 points. "On Wednesday, the share market closed higher lead by oil and fertilizer sector stocks on positive sentiments as expectations loom for release of $600 million of US coalition support fund," said Ahsan Mehanti an analyst at Arif Habib.
He said that Economic Co-ordination Committee (ECC) of the cabinet approval for allocation of gas to fertilizer sector, expected approval of GSP plus status for Pakistan textile exports to EU, higher global stocks and commodities on lower US current account deficit and Greece S&P re-ratings affected the sentiments despite concerns for country's rising current account deficit to $365 million in July-November of 2012-2013.
Despite bullish trend, trading activity was dull and overall some 113.953 million shares were traded at ready counter as compared to 118.645 million a day earlier. Market capitalisation increased by Rs 3.234 billion to Rs 4.227 trillion from Rs 4.224 trillion. Out of 372 active scrips, some 165 share price was increased, 182 declined and share value of 25 companies was remained stable.
Among top 10 active scrips, Jah Sidd Co was the volume leader whose share price gained by Re 0.22 to close at Rs 16.44 with 7.9 million turnover. Share price of Hub Power Co declined by Re 0.18 to Rs 43.8 with 7.6 million shares trading. D G Khan Cement was down by Re 0.19 to Rs 54.74 on 5.6 million shares. The share price of Maple Leaf Cement closed at Rs 14.86, up by Re 0.13 and its 5.39 million shares were traded. Fauji Fertilizer increased by Re 0.28 to close at Rs 114.31 with 5.3 million shares. Fauji Cement and Enrgo Corporation declined by Re 0.09 and Re 0.89 to close at Rs 6.41 and Rs 93.18 with share trading of 4.1 million and 3.2 million share trading respectively.
With share trading of 2.8 million, Byco Petroleum closed at Rs 11.34, up by Re 0.18. Saritow Spinning also increased by Re 0.94 to Rs 10.88 on 2.8 million trading volume. Pakgen Power lost Re 0.89 to close at Rs 21.1 and its 2.6 million shares were traded.
Mithchells Fruit was the highest gainer and increased by Rs 16.86 to close at Rs 354.11, followed by Exide Pak, which up by Rs 9.85 to Rs 300. Bata (Pak) was highest loser and decreased by Rs 65.5 to Rs 1,350, followed by Colgate Palmolive, which lost Rs 50 to close at Rs 1,350.
Commenting on the market Hasnain Asghar Ali, COO, Escap, said the local equity market gave a deserted look as the benchmark traded in a narrow range with relatively low volumes, easing up of issues on political front & relaxed interest rate environment that continues to make high yield and low multiples more attractive did invite cautious accumulation.
Despite negativity, high volumetric activity in Hubco on dips along with some re-shuffling in cement stocks, yield attraction led buying in selected fertilizer & banking, E&P front liners mainly PPL and POL registered decent gains on better than average traded volumes, kept the turnover ticking, he said.
"Follow-up support however lagged thereby besides disallowing the short-term traders from participating in yet another historic session that witnessed an ever high on intra-day trade and on closing numbers, day end off-loading mainly from the leveraged holdings did increased negativity in various stocks," he added.
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