The Karachi share market turned positive Wednesday on the back of what equity analysts said favourable budgetary allocations reportedly made by the federal government for fiscal year 2015-16. The KSE-100 index added 332.24 points to close at 32,842.59 compared to 32,510.35 of the previous trading session. The benchmark index remained volatile and moved both ways to hit the session high and low of 32,922.59 and 32,463.68 points, respectively.
The trading turnover rose to 20 million shares from 98.52 million of Tuesday. The traded value accumulated to Rs 10.81 billion against Rs 6.33 billion. Of the total 360 scrips traded, 255 posted gains, 83 registered losses while 22 stayed unchanged. The market capitalisation moved northward to stand at Rs 7.137 trillion compared to the previous day's Rs 7.078 trillion. Foreign investors, however, sold portfolios more than they bought with their net selling for the day totalling $1.91 million.
"Bullish activity was witnessed at KSE as investors laud growth target of 5.5 percent for fiscal year 2015-16 and the approval of budget strategy paper on Tuesday," said Ahsan Mehanti of Arif Habib Corp. This, the analyst said, depicted a record allocation of Rs 580 billion for the Public Sector Development Programme and China Pakistan Economic Corridor projects.
The leveraged stocks led the rally at KSE on strong earnings outlook after a major, one percent, discount rate cut announced by the State Bank Saturday. The oil stocks witnessed pressure on the back of weak global crude prices, Mehanti said. Pak Elektron, which increased to Rs 67.90, kept leading the day's volume for the third consecutive session. The scrip counted 27.08 million of its listed shares changing hands on the bullish day.
Other top performers were Fauji Cement 20.2 million, Byco Petroleum 13.9 million, Maple Leaf Cement 10.6 million, DG Khan Cement 7.2 million, Jahangir Siddiqui Company Limited 7.0 million, Ghani Automobiles 5.6 million, TRG Pakistan 5.3 million, Pakistan International Bulk Terminal 5.0 million and Bank of Punjab 4.5 million shares. The trading activity on the futures market was recorded positive at 63.6 million contracts as compared to 58.76 million of the last session.
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