The Karachi share market, on the back of fresh foreign and institutional buying, breached through the ever highest record of 12,273.77 points level in the KSE history and reached all-time high at 12,369.70 points level on Monday.
The market witnessed heavy buying across the board and the benchmark KSE-100 finally settled at its highest ever level with the net gain of 134.51 points. On the other hand, the junior free float market capitalisation-based KSE-30 index surged by 226.13 points to close at 15,390.36 points level, which was also the all-time high level of its history.
Earlier, the KSE-100 index made its all-time high level record of 12,273.77 on April 17, 2006 while the all time high record level of its intra-day high was 12,333 points, which it made on April 18, 2006.
The market witnessed healthy trading activity across the board, and the KSE-100 index touched its all-time intra-day high level of 12,375.91 points level, however, profit-taking in some blue chips down the index at its closing level.
The ready market volume significantly increased to 349.719 million shares as compared to 296.016 million shares. The futures market turnover declined to 59.031 million shares against 99.738 million shares traded on Friday. The overall market capitalization increased by Rs 25 billion to Rs 3.603 trillion.
The CFS value increased by 0.23 percent to Rs 54.77 billion as compared with Friday's value of Rs 54.64 billion, with five highest CFS scrips being NBP, OGDC, PPL, POL and BoP. Trading took place in 382 scrips out of which 184 scrips closed in positive column and 160 scrips closed in negative column, while the value of 38 scrips remained unchanged.
Fauji Cement was the star performer of Monday with 33.554 million shares and the scrips surged by Rs 0.55 to close at Rs 20.20 followed by Fauji Fertiliser which gained Rs 1.10 to close at Rs 35.20 with a volume of 28,084 million shares. DG Khan Cement and Lucky Cement surged by Rs 3.50 and Rs 0.85 to close at Rs 101.70 and Rs 104.35, respectively.
In the banking sector, BoP, Bank Al Falah, Askari Bank, and NBP gained Rs 3.00, Rs 2.80, Rs 0.20 and Rs 1.60 to close at Rs 108.50, Rs 59.30, Rs 94.95 and Rs 248.85, respectively. In the other top 10 volume leaders, WorlCall Telecom gained Rs 0.65 to close at Rs 13.50 while TRG gained Rs 0.25 to close at Rs 12.00.
The Siemens Engineering the Attock Petroleum were the highest gainers which gained Rs 58.70 and Rs 17.00 to close at Rs 1,233.65 and Rs 395.90, respectively, while Sanofi Aventis and IGI Insurance were the highest losers which lost Rs 11.00 and Rs 9.55 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said the market reached its all-time high level on day trading basis on back of institutional support and foreign investment. The SCRA balances have reached near $706 million.
The market witnessed March results rally in almost all sectors led by banks, cements, oil and fertilisers. According to J.P. Morgan report, the KSE-100 index would reach at 14,000 points level by December 2007 was the another factor which invited fresh buying by institutions and foreign investors.