Karachi Stock Market regained its strength on Tuesday by reaching 350.29 (positive) points as the KSE-100 index closed at 17,872.85 points in comparison to 17,522.56 points. The local bourse market on the first day of the week had witnessed a massive decline of 441 points due to rumours linked with inauguration of IP gas pipeline and the index was closed at 17,522.56 points in comparison of 17,964.18 points.
Commenting on market performance, Samar Iqbal, technical analyst at Topline Securities said that KSE recovered sharply after no sanction related statement from US. "Investors took sigh of relive and covered their position after realising that Iran-Pakistan pipeline may not post major risk. Engro and NML remained close at upper limit due to institutional buying," she said.
Mujtaba Barakzai, technical analyst at JS Global said that market gained two percent from Monday. DGKC, LUCK and MLCF recovered by 3.1 percent, 1.8 percent and six percent, respectively. PPL after massive selling from various institutions rallied up to three percent on its last trading spot date with payout of Rs 5 /share," he added. The trading side remained under pressure throughout the trading day and the volume stood at 211.067 million against 234.655 million on a day earlier. While market capitalisation got big increase of Rs 67.84 billion with closing at Rs 4.436 trillion against Rs 4.368 trillion on Monday.
Trading activity was witnessed in 348 active scrips, out of which 236 gained and 84 companies lost their share prices while 28 scrips remained unchanged. Colgate Palmolive and Indus Dyeing SD were the highest gainers of the day and their share prices increased by Rs 90 and Rs 20.17 to close at Rs 1,900 and Rs 487.67 respectively. And, the two companies including Rafhan Maize SPOT, Unilever Pak remained the great losers with share prices decreased by Rs 196.45 and Rs 19 to close at Rs 3733.5 and Rs 10,701 respectively.
All the companies available in the chart of "Top Ten" reflecting significant turnover" witnessed rise in their share prices. PIAC (A) was the volume leader with increase of 34 paisa closed at Rs 6.9 on turnover of some 24.026 million shares, Telecard Limited also gained 76 paisa to Rs 6.16 on some 16.85 million shares and Engro Corporation witnessed big addition of Rs 6.12 in its share price, to close at Rs 128.65 on some 14.42 million shares.
Jah Sidd Co ended 28 paisa higher at Rs 14.22 on some 13.38 million shares, PTCLA's share price witnessed an increase of 81 paisa closed at Rs 21.08 on some 12.74 million shares and Maple Leaf Cement also gained 96 paisa to Rs 17.09 on some 9.69 million shares.
Fauji Cement succeeded to get 25 paisa to Rs 8.15 on some 9.42 million turnover, Lafarge Pakistan increased by 46 paisa to Rs 6.14 on some 8.47 million shares trading and NIB Bank Limited also closed as positive with addition of 3 paisa at Rs 2.23 on some 7.78 million shares. And, the last one among top 10 was Nishat Mills Ltd which succeeded to take jump of Rs 3.71 and closed at Rs 78.06 on some 7.07 million shares trading.
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