Karachi share market on Tuesday witnessed positive trend and KSE-100 index crossed 12,000 points mark with surge of 79.34 points, closing at 12,012.02 points from 11,932.68 points. The market move in green zone and KSE-100 index hit intra-day high of 12,043.91 points.
Trading, however, remained low and the volume at ready counter declined to 59.95 million shares as compared to 78.65 million shares traded a day earlier. Market capitalisation increased by Rs 18.724 billion to Rs 3.189 trillion from Rs 3.17 trillion. Of 358 active scrips, 123 closed in negative and 140 in positive, while the values of 95 scrips remained unchanged.
Lote Pak PTA was the volume leader with 11.74 million shares and gained Re 0.10 to close at Rs 15.72. JOV & Com surged by Re 0.23 to close at Rs 2.88 with 4.13 million shares. With 3.45 million shares trading, Jahangir Sidd decreased by Re 0.23 to Rs 6.52. Sitara Peroxide gained Re 0.90 to close at Rs 18.68 with 2.51 million shares. Some 2.5 million shares of Fuji Fertiliser Bin Qasim were traded and it gained Re 0.37 to Rs 42.05. Azgard Nine declined by Re 0.27 to Rs 5.72 with 2.3 million shares trading. Engro Corp was up by Re 0.21 at Rs 198.55 with trading of 2.258 million shares. NIB Bank was unchanged at Rs 1.81 with 2.25 million shares.
With trading of 2.2 million shares KASB Bank lost Re 0.01 to close at Rs 1.30, and Pak Oilfields gained Re 2.76 to Rs 328.70 with trading of 1.7 million shares. Unilever Pak and Nestle Pakistan were the highest gainers, increasing by Rs 166.66 and Rs 64.25 to close at Rs 5,266.66 and Rs 3463.49 respectively, while Pak Tobacco Co and Hinopak Motors were the worst losers declining by Rs 4.36 and Rs 2.82 to close at Rs 90.75 and Rs 90.18 respectively. Ahsan Mehanti at Arif Habib Investments said that stocks rebounded at KSE on strong recovery in international commodity prices.
US Brent crude near $116 and renewed foreign interests in blue chip scrips played a catalyst role in positive close at KSE, he said. Sentiment remained positive on expected rise in oil and gas production in the country and record exports near $20 billion for 10 months of this fiscal year despite uncertainty over Federal Budget proposals for taxes on corporate sector, he added.