Supported by buying in cement and banking sectors, the Karachi share market on Friday closed on a positive note. During intraday trading, the KSE-100 index crossed 14,000 level, which is almost after 4 years or 47 months as previously on May 16, 2008 the index hit the same level. The KSE-100 index gained 44.06 points to close at 13,875.53 points from 13,831.47 points. On the last trading day, the index hit intraday high level of 14,020.34 points and low level of 13,831.12 points.
However, despite rise in the index, the trading activity remained thin compared to Thursday. The volume at the ready counter decreased to 433.019 million shares compared with 457.94 million shares traded a day earlier. Out of 362 active scrips, 179 closed in positive, 115 in negative while the value of 68 scrips remained unchanged.
Market capitalisation increased by Rs 15.54 billion to Rs 3.565 trillion from Rs 3.549 trillion. NIB Bank Limited was the volume leader with 36.584 million shares gaining Re 0.98 to close at Rs 6.70. WorldCall Telecom increased by Re 0.50 to close at Rs 3.96 with 34.388 million shares. With 32.11 million trading, the share price of Pace (Pak) Ltd moved up by Re 0.43 to Rs 3.71 per share. Summit Bank gained Re 0.48 to close at Rs 4.63 with 22.46 million shares.
Some 19.2 million shares of Jah. Siddi. Com were traded on Friday. It lost Re 0.85 to Rs 20.93 per share. Lafrage Pakistan gained Re 0.12 to Rs 5.29 with 18.89 million shares. In addition, DGK Cement gained Re 0.07 to close at Rs 39.19 with a trading volume of 18.75 million shares. With a volume of 17.11 million, share price of Fauji cement increased by Re 0.17 to close at Rs 5.87. Arif Habib Co and Maple Leaf Cement gained Rs 1.70 and Re 0.71 to close at Rs 35.79 and Rs 6.29 with a volume of 16.75 million and 14.65 million, respectively.
Nestle Pakistan and Bata Pak were the top gainers with Rs 102.01 and Rs 31.15 to close at Rs 4,421.30 and Rs 654.16, respectively. Unilever Pak and Tri-Pack Films were the worst losers with Rs 104 and Rs 5.76 to close at Rs 5,572.80 and Rs 201.15, respectively. Ahsan Mehanti an analysts said that stocks closed bullish as KSE 100 crossed record 14000 level in intra-day activity. Renewed institutional & foreign interest led by blue chip oil and cement stocks led the market on a bull run ahead of key quarter end earning announcements due next week, he added.
Report of expected approval of rise in natural gas by 30 percent and hopes for early announcements on revised Capital Gain Tax implementation affected the sentiments, he said. In addition, he said higher global commodities, rising local and export cement prices, expectations for stronger quarter-end results played a catalyst role in bullish sentiments at KSE.