Bullish trend prevails

A bullish trend prevailed on Karachi Stock Exchange (KSE) Tuesday as the KSE-100 index gained 132 points to close at fresh record high of 27,309 points against 27,176 points Monday. During the intraday trading, the index touched 27,352 highest and 27,176 lowest levels. The trading side closed up at 305.073 million shares from 244.684 million shares. The market capitalisation also ended up at Rs 6.591 trillion against Rs 6.562 trillion.
Commenting on the market performance, analysts said the KSE-100 index continued with its positive momentum to close at fresh all-time-high level of 27,309 points. ENGRO remained in the limelight and closed the day at the upper circuit on the news of anticipation of IPO of it subsidiary company (Engro PowerGen), ease on the financial cost side on account of recent appreciation of PKR against USD and LNG agreement to be signed by the end of this week.
They said PPL also witnessed investor interest on the news of acquisition of the business of Asia Resource Oil Company which saw PPL going up by 1.9 percent with volumes of 1.9mn shares. Volume leaders were BYCO, MLCF and FCCL. Auto assemblers, refineries and cement stocks remained in the limelight amid strengthening currency. Of 394 active companies, 207 closed in green while 166 witnessed decline, they added.
Overall, 394 companies were declared active on the readyboard. Some 207 scrips posted gains while 166 lost their worth. Rates of 21 cos remained unchanged. Two top gainers for the day were Wyeth Pak, which shot up by Rs 179.17 to Rs 3997.50 and Indus Dyeing, which climbed by Rs 32.77 to Rs 1120. The top losers were Nestle Pak, which shed Rs 140 to Rs 8810 and Island Textile, which lost Rs 58.01 to Rs 1102.24.
Of the top 10 volume leaders, Byco Petroleum led the tally with 23m shares. It rose by 30 paisa to close at Rs 12.05; Maple Leaf Cement lost 51 paisa to close at Rs 29.84 on 18m shares; and Fauji Cement SPOT moved up by 16 paisa to close at Rs 17.16 on 15m shares. TRG Pakistan gained 62 paisa to settle at Rs 18.02 on 14m shares; Bank of Punjab improved by 33 paisa to reach Rs 11.24 on 13m shares; and Lafarge Pak bagged six paisa to close at Rs 11.24 on 13m shares.
Adamjee Insurance gained Re1.24 to close at Rs 45.49 on 12m shares; Faysal Bank witnessed a rise of six paisa to close at Rs 12.99 on 10m shares; Engro Corp SPOT witnessed a jump of Rs 8.65 to reach Rs 196.62 on 9m shares; and DGK Cement posted a growth of 94 paisa to close at Rs 92.63 on 9m shares.