The bull run continued at the Karachi share market and the benchmark KSE-100 index surged by 194.20 points to close at 5,377.42 points level on Friday. Although the market opened on a negative note, however, immediate recovery on the back of fresh buying supported the index to enter the positive zone to hit 5,390.26 points intra-day high level.
Profit taking in some selective stocks slightly reduced the intra-day gains. Almost all sectors, specially banking, E&P, OMCs, fertiliser and cement, attracted fresh buying and many of their stocks closed at the upper circuit levels.
Trading activities also improved as the ready market volume increased to 190.797 million shares as compared to 143.884 million shares traded a day earlier. The overall market capitalisation increased by Rs 55 billion to Rs 1.700 trillion. Out of the total 271 active stocks, 183 closed in the positive and 69 in the negative while the value of 19 scrips remained unchanged.
NIB Bank was the overall volume leader of the day with 26.650 million shares and gained Re. 0.68 to close at Rs 6.00. OGDC increased by Rs 1.87 to close at Rs 45.97 with 22.846 million shares. WorldCall Telecom gained Re. 0.16 to close at Rs 3.27 with 10.045 million shares. Arif Habib Sec closed at Rs 18.41, up by Re. 0.77 with 9.758 million shares.
Sui Southern Gas increased by Re. 0.98 to close at Rs 14.22 with 6.545 million shares. PTCL gained Re. 1.00 to close at Rs 15.71 with 6.392 million shares. Hub Power surged by Re. 0.35 to close at Rs 16.10 with 5.623 million shares. Maple Leaf Cement gained Re. 0.46 to close at Rs 4.39 with 5.052 million shares. Bank Al Falah increased by Re. 1.00 to close at Rs 13.89 with 4.962 million shares. KASB Bank closed at Rs 5.94, up by Re. 0.17 with 4.442 million shares.
Unilever Pakistan and Attock Petroleum were the highest gainers and gained Rs 91.00 and Rs 8.91 to close at Rs 2006.00 and Rs 187.28 respectively while EFU Life Assurance and Pak Services were the worst losers and lost Rs 9.64 and Rs 9.47 to close at Rs 183.18 and Rs 180.12 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Securities said that the bull run continued at the local bourses after initial slowdown. The rally was reinitiated by OGDC, since the stock holds heavy weight in the KSE-100, gains allowed the benchmark a swift recovery.
Outstanding payout ie stock and cash dividend announced by FFC supported the run up thereby allowing the liquid players to accumulate other main board stocks. Views shared by the foreign research houses that the strength shown by the local economy by absorbing major shocks have made the local equities more attractive besides highlighting the oil and gas exploration sector for buying.
Renewed confidence among the local players, allowed the market men to ignore the last day''s phobia. The later half of the session witnessed upper circuits on almost all the main board stocks. He said that the monetary policy announcement on Saturday will certainly identify the direction and pace of the economic and equity market.