Equities at the Karachi share market kept moving up and on the last trading day of the week Friday, the benchmark KSE-100 index hit a new peak of 32,149 points on strong valuations. Analysts at JS said the market continued to tread into uncharted territory though gains were partially clipped by some routine profit-taking. The bullish tone of the market remained intact as political tension deescalated after the government decided to resume talks with a major protesting political party from December 7, they added.
"Stocks closed yet again at all-time high led by select scrips across the board on strong valuations," said Ahsan Mehanti, an analyst at Arif Habib Corporation.
He said upbeat cement sales data for Nov'14 at 10.9 percent YoY, rising trend in DAP sales, retail interest in second and third-tier stocks and strong economic outlook after the government signed low-cost green energy deals with Kyrgyzstan & Tajikistan, played a catalytic role in the bullish activity at KSE. The market Friday fluctuated in red and green zones, touching intraday 32,315 points highest and 32,085 points lowest level. Share volume posted a declining trend as overall some 286 million shares were traded on ready counter compared to 378 million Thursday. With an increase of Rs 29 billion, market capitalisation reached Rs 7.356 trillion up from Rs 7.327 trillion.
Analysts said the cement companies continued their run on the back of healthy sales number as Lucky Cement +1.4 percent gained. The banking sector gained, led by United Bank +0.8 percent and National Bank of Pakistan +1.8 percent as investors bought into gain from year-end dividend payouts as well as mark to market gains from Pakistan Investments Bonds. The power sector also gained, led by Kot Addu Power Company +1.6 percent as interest in high dividend yield plays remained strong in the wake of a declining interest rate scenario. Samar Iqbal, Assistant Vice President Equity Sales Topline Securities, said that profit taking was witnessed after index touched all time intraday high. With falling international oil prices some selling was seen in the index heavyweight OGDC and PSO. Volumes decreased to 287 million shares and the value also declined to $131 million (value Rs 13.1 billion), while mid-cap stocks remained in the limelight including TRG, BOP & AICL, she added.
Overall, trading took place in 396 companies, of which 195 closed in green zone, 173 in the red, while 28 remained unchanged. Among top 10 volume leaders, eight companies recorded a positive and two negative. With a trading volume of 24.5 million shares, TRG Pak Ltd emerged the volume leader, gaining Re 0.60 to close at Rs 13.90. B.O.Punjab stood second, down Re 0.09 to close at Rs 9.05 on 18 million shares. SilkBank Limited ranked third with 14.5 million shares, up Re 0.25 to reach Rs 2.39.
Adamjee Ins. closed at Rs 51.84, gaining Rs 2.25 on 12.7 million shares. Some 10.8 million shares of Sui North Gas were traded and the scrip gained Rs 1.03 to Rs 27.97. Jah. Sidd. Co increased by Re 0.17 to close at Rs 15.10 on 10.3 million shares. With 8.7 million shares, NIB Bank Limited moved up by Re 0.20 to Rs 2.21. Byco Petroleum closed at Rs 10.04, up Re 0.22 on 8.5 million shares.
Similarly, Pak Elektron lost Re 0.09 to Rs 34.26 on 8.4 million volumes. Some 8.3 million shares of Sui South Gas were traded and the scrip closed at Rs 38.67, gaining Re.37. Nestle Pak and Rafhan Maize were the top gainers with Rs 300.00 and Rs 149.22 to close at Rs 8,800.00 and Rs 10,501.82, respectively. Unilever FoodXD and Siemens Pakistan were the top losers with Rs 100.00 and Rs 60.37 to close at Rs 8,400.00 and Rs 1,231.83, respectively.
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