Karachi share market continued its upward trend on Thursday and the KSE-100 index gained another 33.89 points to close at 13,542.87 points level on the back of fresh buying due to increasing oil prices in the international market and the Supreme Court''s decision in favour of President Pervez Musharraf.
The market started in positive note and the bulls gradually strengthened their position. The index breached through 13,600 points psychological level to hit 13,624.14 points intra-day high level. On the other hand, the KSE-30 index increased by 16.46 points to close at 16,222.18 points'' level.
The ready market volume declined to 231.503 million shares as compared to 259.771 million shares traded a day earlier. The futures market turnover decreased to 37.775 million shares against 41.374 million shares previously.
The market capitalisation surged by Rs 11 billion to Rs 4.134 trillion. Trading took place in 386 scrips, out of which 185 scrips closed in positive and 163 scrips in negative, while the value of 38 scrips remained unchanged.
The E&P giant, Oil and Gas Development Company (OGDC0 was the star performer of the day with 23.862 million shares and the scrip surged by Rs 0.55 to close at Rs 120.95 followed by Arif Habib Sec, which gained Rs 0.50 to close at Rs 168.50 with a total volume of 14.500 million shares.
In cement sector, Lucky Cement increased by rupees two to close at Rs 117.50, but DG Khan Cement lost Rs 0.20 to close at Rs 91.30. Fresh buying was witnessed in fertiliser sector, as Engro Chemical and Fauji Fertiliser surged by Rs 4.25 and Rs 0.30 to close at Rs 269.25 and Rs 45.50 respectively.
In banking sector, National Bank of Pakistan (NBP) lost Rs 0.80 to close at Rs 237.20, while Bank of Punjab (BoP) gained Rs 0.30 to close at Rs 95.55. Pakistan Telecommunication Company Limited (PTCL) declined by Rs 0.15 to close at Rs 43.10. JOV & Co lost Rs 3.50 to close at Rs 159.
EFU Life Assurance and Packages Limited were the highest gainers, with Rs 20.20 and Rs 17.90 gains to close at Rs 424.20 and Rs 376.80 respectively, while Siemens and Unilever were the highest losers, with Rs 82.20 and Rs 35 losses to close at Rs 1,564 and Rs 2,400 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the increasing oil prices in the international market invited fresh buying in the relevant stocks. OGDC was the overall volume leader and contributed seven points in the index surge. Investors also took interest in the fertiliser sector after the Engro Chemical''s expansion plan, he said, adding the Supreme Court''s decision in favour of President Pervez Musharraf was also a positive sign for investment. However, investors remained cautious due to expected decision of the Commonwealth to expel Pakistan on the ground of imposition of emergency, he added.