Buying spree continued at the Karachi share market on Tuesday and KSE-100 index gained 74.99 points to close at 6,138.53 points from Mondays 6063.54. The market opened on a strong positive note and the index hit 6,194.02 points intra-day high, up 130.48 points. However, profit taking in late hours minimised the gains.
Trading activities further improved on the back of buying interest on the part of retail investors and institutions and the volume at ready counter increased to 216.477 million shares as compared to 210.063 million shares. Market capitalisation surged by Rs 16 billion to Rs 1.866 trillion. Of 401 active scrips, 262 closed in negative and 124 in positive, while the value of 15 scrips remained unchanged.
NIB Bank was the volume leader with 21.347 million shares. However, it lost Re. 0.60 to close at Rs 5.28. NBP declined by Re 0.87 to close at Rs 69.48 with 17.214 million shares. OGDC surged by Rs 2.28 to close at Rs 61.66 with 14.508 million shares. PTCL gained Re. 0.35 to close at Rs 16.18 with 11.342 million shares.
In the fertiliser sector, Engro surged by Rs 5.42 to close at Rs 125.46 with 5.851 million shares, while Fauji Fertiliser Bin Qasim lost Re. 0.30 to close at Rs 17.42 with 10.297 million shares. The cement sector remained active as DG Khan Cement and Lucky Cement increased by Re. 0.99 and Rs 1.22 to close at Rs 19.82 and Rs 38.81 with 9.780 million shares and 6.623 million shares, respectively.
TRG lost Re. 0.25 to close at Rs 1.46 with 7.184 million shares. Bank Al Falah gained Re. 0.26 to close at Rs 12.90 with 6.446 million shares. Unilever Pakistan and Attock Petroleum were the highest gainers and gained Rs 62.60 and Rs 12.67 to close at Rs 1941.20 and Rs 267.51 respectively, while Wyeth Pakistan and Unilever Foods were worst losers and lost Rs 77.83 and Rs 61.00 to close at Rs 1478.92 and Rs 1499.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the bulls maintained the existence despite offloading from local and foreign counters mainly in the main board highly liquid stocks. The development, however, calls for a more intensive drive. The hanging sword over the CFS products disallowed the true bullish sentiment to get its reflection in the benchmark sector and stock swapping kept the upside confined to double digit. However, the developments on economic front and removal of irritants kept the buyers active, on dips.
Presence of buyers forced the sellers to stay on the back foot, thus allowing the index to thoroughly consolidate and register three-digit gains. Absence of ready board leverage, however, never allowed even the optimist to take overnight positions. Profit taking towards the end led forced gains to trim to double digits, thus giving a weak posture.
Ahsan Mehanti at Shehzad Chamdia Securities said that buying activity continued as investors celebrated resolution in political turmoil and restoration of judiciary. Investors took positions in oil, fertiliser sectors expecting good result announcement in forth coming quarter. Support from IMF, friends of Pakistan meeting next month, and support aid from US played a catalyst role in capital market recovery, he added.