Positive momentum continued at Karachi share market and the benchmark KSE-100 index gained 22 points to close at new peak of 31,304 points on Tuesday, as compared to 31,282 points on Monday. Analysts said that despite Monday's bolstering start to the week, index remained volatile on Tuesday. Participation levels declined as volume on ready counter fell by 32 percent.
With the end of result season and at such high levels, analysts are anticipating volatility to prevail in the market for the rest of the week. However, positive reports from macro-economic front can revive investor confidence in the market, they added. During the intraday trading, index fluctuated in red and green zone, touching intraday 31,365 points highest and 31,232 points lowest levels. However, trading volume move downward as overall some 223 million shares were traded on ready counter compared to 330 million in the previous session. Market capitalisation increased by Rs 19 billion to Rs 7.284 trillion up from Rs 7.266 trillion.
Ahsan Mehanti of Arif Habib said stocks closed higher led by selected scrips across the board on strong valuations. Speculations of expected cut in SBP key policy rate this week, recovery in global stocks, upbeat data on auto & cement sales for October '14 and positive sentiments following IMF approval of release of $1.1 billion played a catalyst role in bullish activity at KSE amid concerns for rising circular debt in energy sector, he added.
Analysts at JS said that the bulls came out eventual winners after a tug of war with the bears that put up a fight today as the index closed 22 points up. The banking sector saw good volumes with Bank-Al-Habib leading the turnover over chart, they added. Engro Corporation +2 percent was amongst the biggest positive contributors to the index gaining on expectations of a turnaround in multiple lines of business. The cement sector is expected to lead the bull on the back of strong pricing power of the producers and eroding prices of coal which has hit 5-year lows, they mentioned.
Trading took place in 419 companies, of which 186 closed in green zone, 212 in the red, while 21 remained unchanged. Among top 10 volume leaders, five companies recorded a positive. With 10.5 million shares volume, Bank Al-Habib emerged the volume leader, losing Re 0.22 to close at Rs 49.78. PTCL stood second, up Re 0.26 to close at Rs 21.16 on 8.7 million shares. Jah. Sidd. Co ranked third with 8.7 million shares, losing Re 0.08 to Rs 12.23.
PIAC (A) closed at Rs 6.32, surged Rs 0.07 on 8.5 million shares. Some eight million shares of JS Bank Ltd were traded and the scrip moved up by Re 0.51 to Rs 6.55. Pak Int. Bulk declined by Re 0.51 to Rs 22.79 on 7.4 million shares. With 5.9 million shares volume, Engro Fertilizer Ltd decreased by Re 0.29 to Rs 61.34. Bank Al-Falah closed at Rs 31.03, down Re 0.16 on 5.7 million shares.
Share price of Lalpir Power moved up by Re 0.98 to Rs 25.53 on 5.5 million volumes and with some 4.8 million shares trading, Hira Textile closed at Rs 13.18, up Rs 0.11. Unilever Foods SPOT and Colgate Palmolive were the top gainers with Rs 447.00 and Rs 84.21 to close at Rs 9,397.00 and Rs 1,768.41, respectively. Rafhan Maize and Bata (Pak) XD were the top losers with Rs 375.00 and Rs 112.44 to close at Rs 10,825.00 and Rs 3,145.00, respectively.
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