Index recovers

Led by bluechips, Karachi Stock Exchange (KSE) Tuesday staged recovery and the local bourse gained 58.33 points. The benchmark-100 share index closed at 22,209.07 points from 22,150.74 Monday. The shares market which opened in green zone, showed positive mood and in the process of trading sustained a few fluctuations and closed on positive note. The main index touched highest level of 22,297.31 during the intra-day trading.
Commenting on the market performance, equities analysts said Pakistan stocks closed higher in pre-budget rally amid thin trade on cautious activity led by bluechip oil, banking and cement stocks on strong valuations. "Higher PSDP commitments expected for federal budget 2013-14, renewed foreign interests, hopes for easing circular debt concerns in energy sector and speculations on higher local urea prices on gas shortages on SNGPL network, played a catalyst role in the bullish sentiments," they said.
Market capitalisation improved by Rs 36.91 billion, to close at Rs 5.376 trillion against Rs 5.339 trillion while the trading side could not maintain higher trend and volume at ready counter stood at 268.309 million against 277.036 million shares. Out of total 390 active scrips, 219 went up, 147 went down and 24 remained unchanged.
Nestle Pak and Bata (Pak) were the top gainers with share prices increasing by Rs 280.00 and Rs 70.00 to close at Rs 6430.00 and Rs 1810.00, respectively. Unilever Food and Island Textile were the top losers with share prices decreasing by Rs 150.00 and Rs 19.79 to close at Rs 4850.00 and Rs 610.00, respectively. Six companies available in "Top Ten" chart witnessed decrease in their share prices while the rest gained strength. B.O. Punjab (R) again succeeded to gain the position of "Volume Leader", however, it shed 92 paisa to close at Rs 3.25 on a turnover of 68.769 million shares. On the contrary, PIAC (A) remained in green zone and gained Re1 to close at Rs 10.61 on some 21.106 million shares. B.O. Punjab fell by 26 paisa to close at Rs 13.81 on 13.027 million shares.
Maple Leaf Cement lost six paisa to close at Rs 23.18 on some 10.579 million shares. Nishat Mills shed Rs 1.03 to close at Rs 103.92 on some 7.035 million shares. Pakgen PowerxXD gained 94 paisa to close at Rs 26.13 on 5.637 million shares. TRG Pakistan witnessed decrease of 23 paisa to close at Rs 11.35 on a turnover of 5.064 million shares. Pervez Ahmed gained 32 paisa to close at Rs 4.82 on 4.820 million shares. Sui North Gas lost 25 paisa to close at Rs 22.34 on 4.584 million shares. The last one among the Top Ten was Pak Reinsurance which bagged 98 paisa to close at Rs 25.31 on 4.480 million shares.