After a day of steep fall, the Karachi equity market Tuesday managed to recover some lost ground on the back of institutional support. The benchmark KSE-100 index gained 233 points to close at 28,304.50 points led by select scrips. During the intra-day trading, the index reached 28,465.30 points highest and 27,517.51 points lowest level.
Following the bullish trend, volume at the ready counter increased to 220.657 million shares compared to 215.626 million shares in previous session. Market capitalisation also rose by Rs 50 billion to Rs 6.655 trillion against Rs 6.605 trillion a day earlier. Samar Iqbal, AVP at Topline Securities, said a partial recovery was seen after a steep fall on Monday. Institutional support was witnessed in select stocks due to which market increased by 1 percent.
The recovery was accompanied with increasing volume of 220 million shares while the value rose to $105 million. MCB announced better than expected June quarter results, she added. Trading took place in 374 companies, of which 194 closed in green zone, 163 in red, while 17 companies landed in blue zone.
Ahsan Mehanti, analyst at Arif Habib Corporation, said stocks showed strong recovery on the support from state-owned institutional interest in panic-bound oversold market. Investors counted on PM address to the nation later on Monday to address political crises in the country ahead of 'Revolution march' and 'Azadi march' called by opposition leaders on August 14, he added.
Renewed foreign interest in oil and banking stocks following strong earnings announcements played a catalytic role in bullish sentiment at KSE, Ahsan maintained. Among top 10 volume leaders, seven companies recorded a negative trend. TRG Pakistan Ltd emerged the volume leader with 19.06 million shares, down Re 0.35 to close at Rs 10.28. B.O.Punjab stood second, up Re 0.1 to close at Rs 7.67 on 18.87 million shares. Maple Leaf Cement lost Re 0.9 to close at Rs 27.42 on 13.43 million shares. D.G.K Cement posted a negative trend, down Rs 1.25 to close at Rs 76.72 on 12.10 million shares. With 8.96 million shares, Bank Al-Falah lost Re 0.03 to close at Rs 26.17. Fauji Cement climbed by Re 0.45 to close at Rs 19.45 on 8.95 million shares. Lafarge Pak moved up by Re 0.47 closed at Rs 15.54 on 8.02 million shares.
Jah. Sidd. Co declined by Re 0.18 to close at Rs 8.22 on 6.88 million shares. With trading volume of 4.79 million shares, Nishat Mill Ltd closed at Rs 104.75, down Rs 3.5. Pak Int. Bulk recorded a negative trend, down Re 0.79 to close at Rs 21.55 on 4.73 million shares. Nestle Pak and Murree Brewery were the top gainers with Rs 180.00 and Rs 40.99 to close at Rs 7,400.00 and Rs 930.00, respectively. Wyeth Pak Ltd and Bata (Pak) were the top losers with Rs 100.00 and Rs 56.36 to close at Rs 2,800.01 and Rs 3,284.64, respectively.
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