Led by cement sector, Karachi Stock's-100 share index closed at one more all-time-high of 18,345.74 points, and the index gained 73.63 points or 0.4 percent on Tuesday. Karachi Stock Market witnessed a bull-run session on the second consecutive day.
The local bourse market opened in green zone and it remained on same page till the end of the day. The KSE-100 index touched ever highest level of 18,434.74 points during the intra-day trading. Commenting on the market performance, Mujtaba Barakzai, a technical analyst at JS Global said that low March CPI of 6.57 percent, attractive dividend yields and anticipation of strong corporate earnings growth helped the index to continue it's upwards momentum.
He said that rumours of foreign flow continued to build investors confidence even at the highest level as the market was still cheap versus the region. Political certainty with the interim cabinet in place and appointment of a decent finance minister had given a clearer picture to investors in the run-up to general elections, he added.
He said cements rose 0.8 percent during the day, given comfort on the cartel being intact. FCCL, MLCF and LPCL were the volume leaders up 3.3 percent, 4.9 percent and 6.4 percent respectively. "Following the international trends, the upward momentum at local equity market can be termed as a pre-election run-up, led by cement and E&P stocks the benchmark went on to hit yet another historic levels," commented Hasnain Asghar Ali, another technical analyst from Escorts Capital.
He said although sellers that gave the bulls a field day in previous session did offer some resistance as they targeted index heavyweights from E&P along with banking stocks thus taking the benchmark for an intra-day adjustment. Market Capitalisation climbed by Rs 7.84 billion and closed at Rs 4.492 trillion from Rs 4.484 trillion, the trading side also witnessed the same trend and the turnover closed at 225.214 million against 171.013 million shares.
Despite bullish trend, a big number of 182 companies witnessed decrease in their share prices out of total 350 active scrips, while 144 lost and only 24 share's prices remained unchanged. Unilever Pak and Colgate Palmolive were the highest gainers of the day, because their share prices increased by Rs 634.45 and Rs 89 to close at Rs 13323.45 and Rs 1,869 respectively.
And, the two companies including Rafhan Maize XD, Indus Dyeing remained the great losers with share prices decreased by Rs 180 and Rs 21.3 to close at Rs 3,610 and Rs 405.5 respectively. Seven out of 10 companies available in "Top Ten" chart witnessed addition in their share prices and only three faced decreases. Fauji Cement declared as "Volume Leader" as it gained 28 paisa to close at Rs 8.77 and the turnover was some 36.44 million.
Maple Leaf Cement also gained 92 paisa, its share price closed at Rs 19.68 on some 29.26 million shares' trading and Lafarge Pakistan witnessed a bullish trend with addition of 42 paisa to close at Rs 7, its volume was some 24.81 million shares.
Bank of Punjab ended lower with decrease of nine paisa, closed at Rs 9.13 on some 10.77 million shares, Engro Corporation gained 89 paisa to close at Rs 135.29 on some 10.73 million shares and DGK Cement also got Rs 1.03, share price closed at Rs 72.16 on some 7.81 million shares.
The share price of Jah Sidd Co XD witnessed negative trend, low by 39 paisa, closed at Rs 13.09 on some 6.73 million turnover, while Engro Foods gained Rs 2.71 closed at Rs 130.85 on some 6.5 million shares trading and Lotte PakPTA closed with negative sign, its share price decreased by 19 paisa to close at Rs 7.32 on some 5.32 million shares trading. And, the last one among the top 10 was Dawood Hercules XD, which also gained Rs 1.12, and closed at Rs 53.98 with some 5.26 million shares trading.
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