The Karachi share market on Wednesday witnessed healthy recovery on the back of local investors' interest on available attractive levels, analysts said. The KSE-100 index registered healthy recovery of 276.37 points to close at the level of 11,311.29 points. "The local investors and institutions took fresh positions on the available attractive levels in the oversold market aggressively.
That supported the index to register healthy recovery", analysts said. However, foreign investors remained on the selling side, and withdrew $3.04 million from the equity market. Trading remained on low side and the volume at ready counter stood at 67.652 million shares as compared to 69.143 million shares traded on Tuesday.
Market capitalisation increased by Rs 90 billion to Rs 3.012 trillion. Of 335 active stocks, 200 closed in positive and 50 in negative, while the values of 85 scrips remained unchanged. Soneri Bank was the volume leader with 6.351 million shares. However, it lost Re 0.08 to close at Rs 4.00. NBP increased by Rs 1.53 to close at Rs 45.53 with 4.376 million shares. Azgard Nine gained Re 0.52 to close at Rs 4.90 with 5.090 million shares.
Lotte Pakistan PTA inched up by Re 0.72 to close at Rs 10.73 with 3.976 million shares. Jahangir Siddiqui Co gained Re 0.57 to close at Rs 5.96 with 3.207 million shares. Fatima Fertiliser, Fauji Fertiliser (FFC) and Engro Corp surged by Re 0.54, Rs 3.13 and Rs 5.98 to close at Rs 15.50, Rs 155.00 and Rs 129.57 with 3.207 million shares, 2.285 million shares and 2.199 million shares respectively. Kot Addu Power increased by Rs 1.37 to close at Rs 40.99 with 2.125 million shares. PTCL gained Re 0.86 to close at Rs 11.42 with 1.990 million shares.
Unilever Foods and Nestle Pakistan were highest gainers, increasing by Rs 66.44 and Rs 66.12 to close at Rs 1674.04 and Rs 3982.42 respectively, while Hinopak Motor and Indus Motor were worst losers, declining by Rs 4.93 and Rs 2.45 to close at Rs 98.49 and Rs 198.40 respectively. Ahsan Mehanti at Arif Habib Investments said that bullish activity was witnessed in scrips across the board after strong recovery in global markets on US Federal Reserve states it will keep interest rates low until 2013. He said that the strong recovery in global commodities, strong valuations at KSE and renewed retail and institutional interest played a catalyst role in bullish sentiment at KSE.