A bullish trend continued on the Karachi share market on Monday and the benchmark KSE-100 index increased by 69.36 points to close at 14,379.54 points. Although the market witnessed slight pressure during initial hours that forced the index into negative zone at 14,253.39 points intra-day low level.
However, investors'' interest revived soon that supported the index to not only recover its intra-day losses but also register healthy gains. During the session the index hit 14,397.93 points intra-day high level.
The foreign investors'' interest continued and they remained net buyers of share worth $2.36 million.
Trading activities however remained low as the volumes at ready counter declined to 89.542 million shares as compared to 94.336 million shares traded on last trading session.
Total market capitalisation increased by Rs 18 billion to Rs 3.662 trillion. Of the total 349 active stocks, 138 closed in positive and 100 in negative while the value of 111 stocks remained unchanged.
Jahangir Siddiqui Co was the volume leader with 13.497 million shares and gained Re 0.73 to close at Rs 14.24.
Investors'' interest was seen in the cement sector stocks, as DG Khan Cement and Lucky Cement increased by Re 0.74 and Rs 1.74 to close at Rs 43.46 and Rs 124.03 with 12.509 million shares and 2.838 million shares respectively. Engro Foods surged by Rs 2.85 to close at Rs 70.78 with 9.827 million shares.
In the banking sector, Bank Al Falah and NIB Bank gained Re 0.07 and Re 0.01 to close at Rs 17.95 and Rs 2.03 with 3.608 million shares and 2.535 million shares respectively. Azgard Nine inched up by Re 0.28 to close at Rs 6.83 with 3.448 million shares. JS Investments closed at Rs 8.27, up Re 0.37 with 2.969 million shares.
Arif Habib Corporation gained Re 0.37 to close at Rs 33.38 with 2.586 million shares. Nishat Mills increased by Re 0.51 to close at Rs 51.48 with 2.12 million shares.
Unilever Food and Colgate Palmolive were the top gainers increasing by Rs 62.75 and Rs 30.84 to close at Rs 2749.93 and Rs 1072.17 respectively, while Nestle Pakistan and Abbott Laboratories were the top losers declining by Rs 35.93 and Rs 4.11 to close at Rs 4080.78 and Rs 121.82 respectively.
Hasnain Asghar Ali, a senior market analyst said that early negativity mainly due to concerns regarding the rally heading for Islamabad, and its aftermath, and SBP''s report, indicating substantial rise in government borrowings did invite offloading. However cautious accumulation on discounts, that did turn loud in the post midday session mainly on the anticipation of healthy corporate earnings, wherein cements led the show as besides gaining from the restoration of exports to Afghanistan. The sector is likely to report improved earnings due to weakness in local currency, while likely increase in portfolio value did tend to invite fresh float into Investment Company, thus providing the local equity market enough turnover to match the pace triggered from the start of new fiscal.
He said timely disbursement of withheld funds by the US and trade support as committed by EU along with flexibility by the international donors if new program is contemplated, will at least cater the weakening economic and financial standing, however political activity due to the decisions taken and likely to be taken by the parliament is likely to restrict the sideliners, thus keeping in them on hold, till the never ending, comes to an end, availability of front line stocks offering consistent yields at low multiples will however continue to attract renewed interest from the local and off-shore corridors, thus allowing smooth sailing for the benchmark.