The Karachi share market Friday made strong advances and gained another 226 points to move into uncharted territory of 30,930 points compared to 30,664 points Thursday. The market opened on a positive note and remained in green zone almost all the day. During the intraday trading, the index witnessed intra-day all-time high of 30,999.18 points but could not cross the level of 31,000 points.
Ahsan Mehanti, analyst at Arif Habib, said the equity market closed all-time high led by oil & banking stocks on renewed foreign interest and expected completion of $700 million OGDCL shares sell-off through book building by PC. "Speculations for expected ease in the SBP key policy rate this month, institutional interest in leveraged scrips and renewed hopes for positive outcome of PM visit to China next week played a catalyst role in bullish activity," he added.
Despite bullish trend, volume at the ready counter witnessed downward trend and shed 7 percent as overall some 275 million shares were traded compared to 294 million in the previous session. Market capitalisation increased by Rs 62 billion to Rs 7.157 trillion up from Rs 7.095 trillion. Trading took place in 417 companies, of which 307 closed in green zone, 95 in the red, while 15 remained unchanged.
Analysts said Karachi Stock Exchange benchmark index closed up 0.9 percent where textile and oil & gas sectors led the rally. According to JS, on the back of cotton prices trading at season low and expectation of textile policy to be announced on November 11, 2014, NML, GATM and NCL each closed on their upper limits. They said oil stocks also performed as today was the last day for submitting bids for the secondary offering of OGDC, where massive interest was seen by foreign and local investors, which hiked the price of the stock in the regular market.
"We expect the market to remain in the green zone and rally more points in coming few weeks," they predicted. Among top 10 volume leaders, nine companies recorded positive trend. Jah. Sidd. Co emerged the volume leader on 19 million shares, gaining Re 1 to close at Rs 12.09. Pak Elektron stood second moving up by Re 0.86 to close at Rs 30.13 on 10.7 million shares. Soneri Bank ranked third on 10.5 million shares to close at Rs 15.53, losing Re 0.26.
Azgard Nine increased by Re 0.75 to Rs 5.90 on 9.2 million shares. Some 8.6 million shares of Maple Leaf Cement were traded and the scrip moved up by Re 0.07 to Rs 31.62. Ghani Automobile gained Re 0.33 to Rs 6.82 on 8.2 million shares. With 7.1 million shares, Sui South Gas surged by Re 0.37 to Rs 30.28. Nishat (Chun) XD closed at Rs 44.43, gaining Rs 2.11 on 6.8 million shares. Hira Textile moved up by Re 1 to Rs 13.13 on 6.7 million shares. With some 6 million shares, Engro Fertilizer closed at Rs 61.07, up Re 0.41. Rafhan Maize and Exide (Pak) were the top gainers with Rs 293.33 and Rs 72.99 to close at Rs 11,085.00 and Rs 1,586.99, respectively. Nestle Pak XD and Bata (Pak)XD were the top losers with Rs 169.00 and Rs 106.69 to close at Rs 8,330.00 and Rs 3,102.333, respectively.
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