Expectations over an early launch of a leverage product on Monday invited across the board buying on Karachi Stock Exchange and KSE-100 index surged by 148.40 points tto close at 12,681.94 points. "Foreign investors'' interest remained intact while local retail investors and institutions also joined the rally and took fresh positions in various sectors aggressively that supported the index to register healthy gains", one analyst said.
The market opened on a positive note and the index hit 12,695.68 points intra-day high. The active participation of local retail investors and institutions boosted trading activity significantly as the volume at ready counter increased to 316.809 million shares as compared to 300.500 million shares traded on Friday.
Market capitalisation increased by Rs 39 billion to Rs 3.430 trillion (or $40 billion). The Pakistan market capitalisation crossed $40 billion mark after two and a half years. Of 420 active scrips, 231 closed in positive and 170 in negative, while the values of 19 scrips remained unchanged.
Azgard Nine was the volume leader with 34.819 million shares and gained Re 0.99 to close at Rs 11.65 with 34.819 million shares. Fauji Fertiliser Bin Qasim increased by Rs 1.12 to close at Rs 42.15 with 24.530 million shares. Lafarge Pakistan lost Re 0.02 to close at Rs 3.58 with 20.126 million shares. Lotte Pakistan PTA declined by Re 0.07 to close at Rs 15.49 with 17.510 million shares.
PTCL gained Re 0.78 to close at Rs 20.24 with 16.481 million shares. Jahangir Siddiqui Co increased by Re 0.65 to close at Rs 12.60 with 16.041 million shares. D G Khan Cement inched up by Re 0.49 to close at Rs 31.76 with 12.464 million shares.
Arif Habib Corp surged by Rs 1.12 to close at Rs 29.66 with 10.261 million shares. Wateen Telecom lost Re 0.04 to close at Rs 4.51 with 10.221 million shares. Pace Pak inched up by Re 0.38 to close at Rs 3.22 with 9.806 million shares.
Nestle Pakistan and Unilever Pak were the highest gainers increasing by Rs 129.96 and Rs 91.71 to close at Rs 2729.28 and Rs 4491.93 respectively, while Wyeth Pak and Indus Dyeing were the worst losers declining by Rs 41.07 and Rs 10.37 to close at Rs 1013.93 and Rs 197.08 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that despite the highly tense law and order situation, the bourse managed extension in the bull-run, backed by high and quality turnover on fresh inflow by the local participants, mainly from the corporate corridor. Support by local financial groups in their respective companies allowed across the board positive activity, thus offering various trading opportunities.
He said that leading from the front was indeed the fertiliser sector (that included main board and low priced stocks of the sector). It was well followed by main board stocks from various sectors, since the main board stocks awaited December end results, keeping various optimistic payout shouts echoing in the arena. Holding companies and various low priced stocks followed the trend, some on portfolio appreciation while others on the rumours of take-over.
The inflated levels, wherein majority main board stocks had attained the fair values due to high speculative activity, did invite across the board technical adjustment led by corporate offloading. The index did witness adjustment accordingly. Low volume influx in some, however, disallowed the index from reflecting the low volume price erosion in majority stocks. High volatility, due to various rumourmongering regarding status of leverage product did allow turnover to sustain high levels achieved during fag end of last week. Day traders did find it tough to identify the trend.