Bullish trend continued at the Karachi share market on Tuesday on the back of strong interest of foreign investors, and the KSE-100 index gained 46.84 points to close at 9,787.03 points level. After opening in green zone, the index hit 9,859.57 points intra-day high, up 119.38 points.
However, profit taking in some select stocks in late hours minimised the gains. Local investors also joined the rally and trading increased significantly. The volumes at ready counter surged to 212.720 million shares as compared to 174.310 million shares traded on Monday.
Market capitalisation increased by Rs 11 billion to Rs 2.821 trillion. Of 405 active scrips, 197 closed in positive and 196 in negative, while the value of 12 scrips remained unchanged. Lotte Pakistan was the volume leader with 31.497 million shares and gained Re 0.18 to close at Rs 11.29. PTCL lost Re 0.06 to close at Rs 20.08 with 20.656 million shares. Jahangir Siddiqui Co increased by Re. 0.35 to close at Rs 24.12 with 13.344 million shares.
NBP and Bank Al Falah surged by Rs 1.43 and Re 0.26 to close at Rs 94.47 and Rs 12.50 with 13.001 million shares and 8.185 million shares respectively, while SilkBank closed at Rs 3.30 with a nominal loss of Re 0.01 with 6.089 million shares.
DG Khan Cement gained Re 0.96 to close at Rs 31.08 with 11.517 million shares. Adamjee Insurance surged by Rs 1.88 to close at Rs 126.55 with 9.323 million shares. Azgard Nine increased by Re 0.41 to close at Rs 18.60 with 8.322 million shares. WorldCall Telecom lost Re 0.05 to close at Rs 4.81 with 7.795 million shares.
Unilever Pakistan and Rafhan Maize were the highest gainers and increased by Rs 135.06 and Rs 25.00 to close at Rs 2836.36 and Rs 1475.00 respectively, while Unilever Food and Wyeth Pak were the worst losers and declined by Rs 47.67 and Rs 23.16 to close at Rs 1052.33 and Rs 959.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that bulls continued forward march following in the footprints of the offshore participants. Their main targets were the stocks trading with stocks and cash dividend. The cautious, however, restricted to placements towards stocks offering double digit yields and available at low multiples and having reported growth in profitability in the recently announced results.
High priced stocks, however, continued to stay under pressure due to unprecedented selling by local participants, from both categories, ie corporate and high networth. With inflationary pressures mounting, threat of likely increase in local interest rates, and repercussions of CGT that would not be without reduction in turnover continued to carry the potential of restriction. The surge and inviting sell-off kept the participants on edge of their seats.