Shrugging off political uncertainty in the country, the Karachi share market Friday staged a spectacular rally supported by institutional buying in bluechips. The benchmark KSE-100 index gained 412.20 points to close at 28,917.75 points up from 28,505.55 points. Commenting on the market situation, Samar Iqbal, Assistant Vice President, Equity Sales Topline Securities (Pvt) Ltd said a strong recovery was seen as the protest by PTI and PAT was peaceful till Friday evening.
She said overall, Karachi stock 100-index increased by 1.45 percent; however volume was slightly low to 104 million shares. The value also decreased to $59 million or Rs 5.9 billion. "On the last trading day, PSO rallied amid institutional support to gain 2.5 percent, while APL, POL, ATRL, NRL, ACPL, INIL and CHCC announced their June quarter results," she added.
During the intra-day trading, the market remained in green zone and touched 28,947 points highest level. Despite positive trend, investors were cautious and volume at the ready counter decreased to 104.36 million shares compared to 133.85 million shares in previous session. Market capitalisation increased by Rs 90 billion to Rs 6.786 trillion against previous Rs 6.696 trillion. Trading took place in 346 companies, of which 259 closed in green zone, 68 in red while 19 remained unchanged.
"Stocks closed bullish led by stocks across-the-board amid thin activity as retail investors remained cautious over prevailing political crises," said Ahsan Mehanti, Director at Arif Habib Securities. Institutional interest remained in bluechips amid support from state-owned funds, he added.
Mehanti said strong earnings and payout by Pak Oilfields, reports on easing circular debt through tariff rationalisation measures and improved data for petroleum and fertiliser sales in July-2014 also played a catalytic role in the bullish activity. Among top 10 volume leaders, 8 recorded a positive trend. B.O.P emerged the volume leader with 9.9 million shares, up Re 0.36 to close at Rs 8.18. Lafarge Pak stood second, up Re 0.06 to close at Rs 15.58 on 6.3 million shares. Maple Leaf Cement closed at Rs 27.54, up Re 0.17, on 5.3 million shares.
Jah. Sidd. Co gained Re 0.52 to Rs 9.02 on 5 million shares. With 4.1 million shares, Pak Petroleum closed at Rs 226.89, up Re 4.32. Adamjee Ins surged by Rs 1.62 to close at Rs 48.38 on 3.2 million shares. JS Bank Limited fell by Re 0.01 to Rs 4.90 on some 3.1 million shares.
With a trading volume of 3 million, Pak Int Bulk increased by Re 0.12 to close at Rs 21.73. Fauji Cement gained 0.21 to Rs 19.90 on 3 million shares and Lotte Chemical fell by Re 0.04 to Rs 7.01 on 2.9 million shares. Rafhan Maize and Nestle Pak were the top gainers with Rs 300.00 and Rs 200.13 to close at Rs 10,400.00 and Rs 7,700.00, respectively. Bhanero Tex and Shezan Inter were the top losers with Rs 23.90 and Rs 23.40 to close at Rs 490.00 and Rs 900.00, respectively.
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