Though volatile, the share market stayed bullish Tuesday with the KSE-100 index hitting another all-time high of 36,265 points. Moving both ways to hit the intraday high and low of 36,340 and 36,037 points, the benchmark index added further 30 points to Monday's 36,235, highest till year-to-date. Trading activity at the ready-counter was recorded at 281 million shares from the previous 273 million. Traded value, however, dipped to Rs 11.89 billion from Rs 12.84 billion of a day earlier. Of the 371 scrips traded, 183 posted gains, 165 lost their worth and that of 23 remained unchanged. The market capital stayed almost flat at Rs 7.43 trillion compared to Rs 7.44 trillion of last session.
Foreign investors went jittery to have sold out portfolios worth $5.94 million. "Stocks closed at all-time high led by cement, textile and auto scrips in the post earning season rally amid hopes for MSCI upgrade and pro-growth federal budget next month," said Ahsan Mehanti of Arif Habib Corp. The analyst said pressure remained in oil stocks after plunge in WTI crude prices. Higher global equities, pre-budget speculations and renewed foreign interest played a catalytic role in bullish close, he said.
Ahmed Saeed Khan of JS Research said a mixed activity was observed at the bourse as the market turned positive after opening on a negative note to close 0.08 percent higher. Dewan Cement, which closed up at Rs 16.37, led volumes with 59.5 million shares. Other best performing issues were Dewan Motors, SNGPL, K-Electric, Pak Elektron, Byco Petroleum, PIBT, TRG Pakistan, SSGC and Bank of Punjab.
Khan said investors' interest was seen in the cement sector with DCL, CHCC and LUCK gaining 5.7, 2.3 and 1.5 percent. Moreover, gas utility companies SNGP and SSGC rose by 1.1 and 1.0 percent on the back of what the analyst said news that Pakistan and Italy may sign a government-to-government deal for supply of LNG to Pakistan. A slight correction was seen in scrips expected to be part of MSCI Emerging Market Index. UBL, OGDC and PSO depreciated 1.6, 0.6 and 0.4 percent. Futures trade stood at 50 million contracts.
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