A bullish trend was witnessed on the Karachi share market on Monday on the back of both local and foreign investors' support on expectation of early implementation of revised Capital Gain Tax regime. The benchmark KSE-100 increased by 146.96 points to close above 14,000 psychological level after four years at 14,083.44 points.
Trading activities however remained low as the volumes at ready counter declined to 213.340 million shares as compared to 244.205 million shares traded on last trading session. Total market capitalisation increased by Rs 37 billion to Rs 3.605 trillion. Of the total 384 active scrips, 193 closed in positive and 123 in negative while the value of 68 stocks remained unchanged.
Fauji Cement was the volume leader with 23.436 million shares and gained Re 0.27 to close at Rs 7.04. In the other cement sector stocks, DG Khan Cement and Lafarge Pakistan increased by Rs 2.06 and Re 0.23 to close at Rs 44.71 and Rs 5.38 with 13.670 million shares and 11.544 million shares respectively.
Investors interest was also seen in the banking sector, as Bank Al Falah, BoP, NBP and Askari Bank surged by Re 0.66, Re 0.38, Rs 1.55 and Re 0.69 to close at Rs 17.49, Rs 9.95, Rs 49.48 and Rs 15.16 with 18.037 million shares, 11.870 million shares, 10.123 million shares and 6.860 million shares respectively.
Jahangir Siddiqui Co inched up by Re 0.36 to close at Rs 18.45 with 13.991 million shares. Engro Foods surged by Rs 2.36 to close at Rs 51.79 with 7.696 million shares. Pak Reinsurance gained Re 0.37 to close at Rs 20.24 with 5.664 million shares. Unilever Pak and Unilever Food were the top gainers increasing by Rs 139.99 and Rs 95.91 to close at Rs 6111.82 and Rs 2025.00 respectively, while Rafhan Maize and Fazal Textile were the top losers declining by Rs 88.87 and Rs 11.04 to close at Rs 2501.44 and Rs 215.46 respectively.
Ahsan Mehanti at Arif Habib Corporation Pakistan stocks closed bullish amid thin trade led by blue chip oil, banking and cement stocks ahead of major earnings announcements this week. He said strong earning announcement and payout by PSO, renewed institutional interest on strong earnings outlook played a catalyst role in bullish sentiments despite fall in global stocks and commodities.