A bullish trend continued on the Karachi share market and the benchmark KSE-100 index on Thursday increased by 76.75 points to close at the highest ever level of 15,788.96 points. "Expectation of further easing interest rate kept the investors interest intact and fresh buying in almost all sectors supported the index to record new high levels", analysts said.
The local participants and institutions took fresh positions in almost all sectors while the foreign investors also remained active and bought shares worth $6.53 million. After strong positive opening the index breached 15,800 level to hit all time intra-day highest level of 15,814.84 points.
Trading activities also improved as the volumes at ready counter increased to 137.588 million shares as compared to 107.651 million shares traded on Wednesday. Total market capitalisation increased by Rs 20 billion to Rs 3.984 trillion. Of the total 361 active stocks, 210 closed in positive and 126 in negative while the value of 25 stocks remained unchanged.
Lotte Pakistan PTA was the volume leader with 13.130 million shares and gained Re 0.28 to close at Rs 7.40. Nishat Mills increased by Rs 1.67 to close at Rs 60.52 with 9,494 million shares. Golden Arrow inched up by Re 0.01 to close at Rs 4.99 with 8.416 million shares. Sui Southern Gas Company closed at Rs 22.87, up Re 0.88 with 6.346 million shares. DG Khan Cement gained Re 0.36 to close at Rs 50.98 with 5.333 million shares. Jahangir Siddiqui Co lost Re 0.16 to close at Rs 13.83 with 4.659 million shares. Fauji Fertiliser Co surged by Rs 2.24 to close at Rs 117.25 with 4.276 million shares. Nishat Chunian Power increased by Re 1.00 to close at Rs 18.35 with 4.202 million shares. United Bank closed at Rs 72.49, up Rs 1.71 with 3.984 million shares. Nishat (Chunian) gained Rs 1.12 to close at Rs 23.70 with 3.794 million shares.
Nestle Pakistan and Bata (Pak) Limited were the top gainers increasing by Rs 153.74 and Rs 44.45 to close at Rs 4800.00 and Rs 1100.00 respectively while Unilever Pak and Dreamworld were the top losers declining by Rs 500.00 and Rs 20.90 to close at Rs 10,000.00 and Rs 397.10 respectively.
Samar Iqbal at Topline Securities said that the local market posted new record high as optimism increases of rate cut in the upcoming monetary policy announcement after steep decline in T-bill auction. The leveraged companies and dividend yielding stocks remained in the limelight. NCL and NCPL closed at their upper limit after handsome payout and healthy earnings announcements which also brought buying interest in NML which is due to announce its result on Friday.