The Karachi share market opened on a strong positive note on Wednesday and the KSE-100 index crossed the 7,000 points to hit 7,041.54 points intra-day high, up by 181.32 points. However, profit taking, mainly by day investors, minimised the days gains and the index closed at 6,931.90 level from Tuesdays 6,860.22 points level, with a net gain of 71.68 points.
Trading volume at ready counter declined to 207.282 million shares as compared to 314.266 million shares traded a day earlier. Market capitalisation increased by Rs 24 billion to Rs 2.081 trillion. Of 354 active scrips, 195 closed in positive and 139 in negative while the value of 20 scrips remained unchanged.
OGDC was the volume leader with 13.402 million shares and gained Rs 1.59 to close at Rs 73.66. D G Khan Cement increased by Re. 1.00 to close at Rs 22.81 with 13.183 million shares. PTCL closed at Rs 17.18, up by Re. 0.50 with 8.670 million shares.
Maple Leaf Cement gained Re. 0.21 to close at Rs 5.07 with 7.690 million shares. Jahangir Siddiqui Co closed at Rs 33.75, down by Re. 0.02 with 7.342 million shares.
NBP lost Re. 0.24 to close at Rs 87.86 with 6.672 million shares. JS Growth gained Re. 0.25 to close at Rs 3.62 with 6.622 million shares. Bosicor Pakistan increased by Re. 0.21 to close at Rs 6.67 with 5.770 million shares. Pace (Pak) Limited gained Re. 0.24 to close at Rs 7.64 with 5.668 million shares. NIB Bank closed at Rs 5.51, up by Re. 0.02 with 5.505 million shares.
Fazal Textile and Colgate Palmolive were the highest gainers and gained Rs 21.19 and Rs 12.81 to close at Rs 445.27 and Rs 274.55 respectively while Siemens Pakistan and Nestle Pakistan were the worst losers and lost Rs 25.80 and Rs 15.53 to close at Rs 724.20 and Rs 1160.37 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the downward revision in the rate of return on national saving schemes and the whisper of introduction of new leverage product for ready board did the needful, allowing a triple-digit increase on opening. Accumulation was witnessed in the oil and gas exploration and fertiliser stocks, while the banking sector witnessed offloading, mainly by local and corporate participants. The KSE-100 index did sustain above 7,000 points level throughout the session, but by day-end offloading, mainly by day traders, forced the index to wipe off gains substantially. Accumulation on dips in the large cap stocks, however, allowed the green numbers to stay prominent.