The Karachi share market, on the first day of implementation of new leverage products, opened on positive note and the index hit 12,098.76 points intra-day high level on Monday. However, profit taking in late hours minimised the intra-day gains and the index closed flat at 12,045.38 points, with a fractional gain of only 0.13 points.
Trading activities slightly improved as the volumes at ready counter increased to 77.050 million shares as compared to 67.502 million shares traded on last trading session. The overall market capitalisation declined by Rs 2 billion to stand at Rs 3.237 trillion. Out of the total 367 active scrips, 144 closed in positive and 136 in negative while the value of 87 scrips remained unchanged.
Nimir Ind Chemical was the volume leader with 13.099 million shares and gained Re 0.31 to close at Rs 3.01. Descon Oxychem increased by Re 0.98 to close at Rs 8.96 with 10.075 million shares. Nishat (Chunian) surged by Rs 1.31 to close at Rs 29.03 with 5.423 million shares.
NBP gained Re 0.36 to close at Rs 79.26 with 4.472 million shares. Fatima Fertiliser Co inched up by Re 0.24 to close at Rs 12.57 with 4.259 million shares. Arif Habib Corp increased by Re 0.60 to close at Rs 24.03 with 3.990 million shares. Lotte Pakistan PTA closed at Rs 15.93, up Re 0.07 with 3.485 million shares.
Fauji Fertiliser Bin Qasim inched up by Re 0.05 to close at Rs 39.86 with 2.608 million shares. Descon Chemical increased by Re 0.44 to close at Rs 3.07 with 1.935 million shares. Engro Corp surged by Rs 1.14 to close at Rs 236.54 with 1.776 million shares.
Unilever Pak and Dawood Hercules were the highest gainers increasing by Rs 90.91 and Rs 13.71 to close at Rs 4850.75 and Rs 288.05 respectively while Rafhan Maize and Nestle Pakistan were the worst losers declining by Rs 22.99 and Rs 15.94 to close at Rs 2793.89 and Rs 3402.50 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the sell through offshore channels forced the resisting locals on the back foot. "The rising political temperature and law and order issues certainly added to the nervousness already on the higher side due to various macro issues from both within and external circles of the orbit", he said.
The availability of leverage funding, however, kept the momentum positive, wherein front line high dividend yielder and growth stocks having the capacity of trading at improved multiples, with the support of ready board leverage product did invite interest by local participants, volatility on macro, economic, financial, law and order, political and diplomatic fronts, however, kept the cautious stance alive, thus allowing the index to sustain psychological 12,000 level, despite all odds, he added.