Another bull-run

One more bull-run session was witnessed at Karachi Stock Market on Thursday and the benchmark KSE-100 index gained 92.76 points with reaching at all-time-high level of 18,173.67 from 18,080.91 on a day earlier. "KSE-100 closed all time high led by selected blue-chip stocks across the board on strong earnings outlook," said Ahsan Mehnati, an analyst at Arif Habib Corp.
He said that rising global stocks and commodities on strong US housing data, expected new Pak-IMF loan agreements, SBP interventions to arrest rupee fall, ECC approval for Rs 49 billion guarantees to PIA, expected hike in OMC margins, MOF release of Rs 15 billion to PSO easing circular debt concerns in energy sector, strong textile sector exports data and hopes for OGDC gas sales agreement with fertiliser companies played a catalyst role in bullish sentiments at KSE, he added.
Ovais Ahsan, an analyst at JS Global said that bulls continued to hold sway over the market as index heavy weights OGDC +1.1 percent and MCB +3.4 percent dominated the ticker chart. He said Engro Corporation +3.7 percent continued its phoenix like rise after a solution for its gas starved fertiliser unit appears to be near. Dawood Hercules +5 percent hit upper cap on reversal of fortune of its subsidiary (Engro).
"Nishat Mills +2.7 percent continued to rally on better than consensus earnings reported by the textile composite. NRL +5 percent rallied breaking through a protracted period of underperformance with some market whispers of deemed duty (protection duty) going up doing the rounds", he added. On Thursday, KSE-100 index opened in green-zone and closed at positive note as well. Trading activities were very much healthy and overall 318.312 million's trading was recorded at ready counter in comparison of 269.537 million on Wednesday.
Trading activities were witnessed in 369 active scrips, out of which 155 closed in positive and 192 closed in negative, while the share price of only 22 stocks remained unchanged. The market capitalisation also witnessed a good jump of Rs 19.9 billion closed at Rs 4.514 trillion against Rs 4.494 trillion on the last trading day.
Rafhan Maize Prod and Sanofi-Aventis Pak were the highest gainers of the day and their share prices were increased by Rs 179.95 and Rs 17 to close at Rs 3929.95 and Rs 357 respectively. While, Unilever Pak and Fazal Textile remained great losers of the day as their share prices declined by Rs 350 and Rs 14.89 to close at Rs 10,450 and Rs 283.1 respectively.
Among the top 10 leading companies reflecting significant turnover, seven companies gained and three faced declination in their share prices. TeleCard Limited remained the volume leader with share price up by only Re 0.01 to close at Rs 7.41 with some 56.1 million shares' trading and PIAC (A) gained Re 1 to close at Rs 6.32 with some 42.1 million shares' trading.
PTCLA lost Re 0.07 to close at Rs 23.44 with some 29 million shares' trading while Engro Corporation remained in green-zone with a big jump of Rs 4.92 to close at Rs 121.19 with some 17 million turnover. Azgard Nine witnessed an increase of Re 0.31 and closed at Rs 8.76 with some 14.4 million shares' trading and Fauji cement also gained Re 0.08 and closed at Rs 7.92 with some 9.1 million turnover.
The share price of Maple Leaf Cement was decreased by Re 0.4 closed at Rs 17.88 and its some 8.3 million shares were traded while DGK Cement's share price witnessed high of Re 0.56 and it closed at Rs 63.01 with some 7.9 million turnover. Byco Petroleum gained Re 0.21 closed at Rs 13.25 with some 7.7 million turnover while Lafarge Pakistan lost Re 0.09 and closed at Rs 5.74 with some 6.9 million shares' trading.