Karachi stock market continued its bullish performance and the benchmark KSE-100 index rose by 232.39 points to close at new peak level of 21,823.05 points. "On Friday, the market set a new record and closed at all-time high level in the pre-budget rally led by oil, energy and cement sectors," said Ahsan Mehanti an analyst at Arif Habib.
Record trade of scrips was witnessed led by second and third tier stocks amid hopes for rise in Public Sector Development Programme (PSDP) allocation in the federal budget 2013-14, he added.
He said some increase in foreign exchange reserves, hopes for ease in circular debt issues in energy sector, expectations of CPI inflation below 5 percent (YoY) for April-2013 and renewed foreign interest in blue chip stocks played a catalyst role in bullish sentiments at KSE.
During the trading, KSE-100 index also hit intraday high level of 21,840.97 points and low level of 21,590.66 points. Followed by positive trend, trading activity was also on the higher side and the volume at ready counter surged to 646.6 million shares as compared to 637.52 million traded a day earlier. Out of 405 active scrips, share prices of 249 scrips went up, 136 went down, while that of 20 scrips remained unchanged. Market capitalisation reached Rs 5.293 trillion, up by Rs 49 billion.
Among Top Ten active scrips, with a trading volume of 51 million shares, B.O. Punjab (R) was the volume leader. Its price went up by Re 1 to close at Rs 5.16. NIB Bank Limited gained Re 0.32 to Rs 2.97 on 46.4 million shares. TRG Pakistan Ltd. closed at Rs 11.81, up by Re 0.93, on 46 million shares. With an increase of Re 1, share price of B.O. Punjab surged to Rs 14.80 on 32 million shares.
Jah. Sidd. Co. gained Re 0.59 to close at Rs 13.77 on some 31 million shares. Japan Power, on 27 million shares, increased by Re 0.76 to close at Rs 4.59. With a trading volume of 22 million shares, Southern Electric closed at Rs 4.67, up by Re 0.78. BankIslami Pakistan also gained Re 0.72 to Rs 7.79 on 21 million shares.
Share price of P.T.C.L.A and WorldCall Telecom increased by Re 0.48 and Re 0.06 to Rs 22.08 and Rs 3.46, respectively on 20 million and 19.77 million shares.
Wyeth Pak Ltd and Nestle Pak were the top gainers with share prices increasing by Rs 70.00 and Rs 58.00 to close at Rs 1,487.00 and Rs 6,600.00, respectively. Bata Pak and Colgate Palmolive were the worst losers declining by Rs 70.00 and Rs 39.99 to close at Rs 1,730.00 and Rs 1,810.00, respectively.
On the Equity Sales Desk of Topline Securities, Samar Iqbal observed that rally in low-priced shares continued as the index posted another record high of 21,800 points. "BOP, NIB, and TRG remained investors' favourite," she added.
Some activity was seen in large-cap stocks such as PSO and MCB that took the index to new high, she added.
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