Karachi stock market on Wednesday witnessed positive trend with the support of institutions and foreign investors, and KSE-100 index registered an increase of 24.34 points to close at 12,036.36 points from 12,012.02 points. The index hit intra-day high level of 12,143.34 points and low level of 12,010.70 points. Trading improved and the volume at ready counter surged to 84.42 million shares as compared to 59.95 million shares traded a day earlier.
Market capitalisation posted an increase of Rs 6.338 billion to Rs 3.195 trillion from Rs 3.189 trillion. Trading was witnessed in 365 scrips, out of which 121 closed in positive and 141 in negative and the values of 103 scrips remained unchanged.
Bank Al-Falah was the volume leader with 10.55 million shares and gained Re 0.66 to close at Rs 10.68. Lote Pak PTA lost Re 0.10 to close at Rs 15.62 with trading volume of 10.11 million shares. Fauji Fertiliser Bin Qasim, with 4.25 million shares trading, increased by Re 0.02 to Rs 42.07. KASB Bank gained Re 0.10 to close at Rs 1.40 with 3.65 million shares. With trading volume of 3.63 million shares Japan Power gained Re. 0.11 to close at Rs 1.21. OGDC surged by Re 0.86 to Rs 149.07 with 3.59 million share trading.
D G Khan (R) with a trading volume of 3.09 million decline by Re 0.25 to close at Rs 2.22. D G K Cement went up by Re. 0.12 to Rs 22.84 with 2.71 million shares. With trading of 2.6 million shares Pak Reinsurance surged by Re 22 to close at Rs 15.85. National Bank lost Re 0.28 to Rs 52.15 with trading of 2.29 million shares.
Nestle Pakistan and Unilever Foods were the highest gainers and increased by Rs 135.99 and Rs 34.93 to close at Rs 3,599.48 and Rs 1,399.22 respectively, while Unilever Pakistan and Indus Dyeing were the worst losers and posted a decline of Rs 81.27 and Rs 15.17 to close at Rs 5,185.39 and Rs 289.70 respectively. Wednesday's net foreign inflows at KSE stood at $1.56 million with gross buying of $2.69 million and gross selling of $1.13 million by the foreign investors.
Ahsan Mehanti at Arif Habib Investments said that positive trend was witnessed on renewed foreign interest. However, some uncertainty gripped the sentiment ahead of Pak-IMF officials' meeting to discuss federal budget proposals and fiscal review for release of IMF tranches of $3.3 billion for Pakistan economic support. He said that investors remained bullish on commodity stocks after strong recovery in international commodity prices during the week and US Brent crude near $118 despite concerns for rising government borrowings and fiscal deficit.