Positive trend continued on the Karachi share market on Wednesday and the benchmark KSE-100 index closed at fresh highest ever level of 15,865.53 points with a net gain of 11.69 points. The market opened on positive note and the index hit 15,908.93 points intra-day high level. However profit taking mainly by local investors after mid session forced the index into negative zone at 15,839.54 points intra-day low level.
The foreign investors'' interest with the net buying of 6.99 million dollars supported the index to close in positive. Trading activities improved and the volumes at ready counter increased to 143.647 million shares as compared to 103.33 million shares traded on Tuesday. Total market capitalisation increased by seven billion rupees to Rs 3.969 trillion. Of the total 353 active scrips, 191 closed in positive and 137 in negative while the value of 25 stocks remained unchanged.
Pace (Pak) Limited was the volume leader with 28.136 million shares however lost Re 0.54 to close at Rs 2.98 with 28.136 million shares. PTCL decreased by Re 0.63 to close at Rs 18.57 with 11.539 million shares. DG Khan Cement gained Re 0.53 to close at Rs 52.30 with 8.783 million shares.
In the fertiliser sector, Fatima Fertiliser Co and Engro Corporation increased by Rs 1.16 and Re 0.41 to close at Rs 24.83 and Rs 97.09 with 8.103 million shares and 3.244 million shares respectively. Jahangir Siddiqui Co lost Re 0.11 to close at Rs 14.38 with 7.029 million shares. NBP decreased by Re 0.23 to close at Rs 44.94 with 3.528 million shares. Arif Habib Corporation declined by Re 0.54 to close at Rs 24.97 with 3.03 million shares. KESC lost Re 0.20 to close at Rs 5.88 with 2.599 million shares. Nishat Mills decreased by Re 0.19 to close at Rs 59.44 with 2.555 million shares.
Bata (Pak) Limited and Millat Tractors were the top gainers increasing by Rs 40.67 and Rs 16.10 to close at Rs 1,460 and Rs 513.71 respectively, while Unilever Pak and Mithchells Fruit were the top losers declining by Rs 211.16 and Rs 19.59 to close at Rs 9498.04 and Rs 372.36 respectively.
Ahsan Mehanti at Arif Habib Corporation said Pakistan stocks closed yet again higher in the quarter end earning announcements session at KSE as investors accumulated oversold stocks post major earning announcements. He said the record earning announcements and lower leverage cost played a catalyst role in bullish sentiments at KSE despite concerns for circular debt issues in energy sector and fall in global stocks and commodities. The institutional consolidation in selected blue-chip stocks ahead of earning announcements affected the sentiments at KSE, he said.