Bulls welcomed new financial year 2013-14 on the floor of Karachi Stock Exchange (KSE) resulting the market witnessed "a healthy beginning" as it recovered the loss of Friday with rise of 357.47 points. The KSE-100 Index succeeded to restore its level of 21,300 points on Monday. The KSE-100 Index was closed at 21,363.16 points in comparison of 21,005 points registered on last trading-day.
The highest level of index was 21,383 points during the intra-day trading. Similarly, Market Capitalisation witnessed higher-trend as it stood at Rs 5.21 trillion against Rs 5.154 trillion and trading side also followed the same trend, volume at ready counter closed at 154.895 million shares from 151.534 million shares.
Commenting on the market performance, Ahsan Mehnati, an analyst at Arif Habib Corp said Pakistan stocks closed bullish with investor interest in stocks across the board ahead of quarter end earning announcements due this week while trade remained thin amid cautious activity. "British Prime Minister pledge for counter terrorism, expectations for IMF approval of $5bn bailout package to ease economic uncertainty, expected development on privatisation of SOE, speculations on early resolutions of circular debt issues in energy sector and recovery in global commodities, stocks played a catalyst role in bullish activity at KSE," he elaborated.
Samar Iqbal, a technical analyst at Topline Securities commented that market kicked off July with a broad based rally driven by MCB +4.7%, FFC +2.6% and PPL +2.3%. The bulls welcomed the government's move to finally pay off outstanding receivables to Independent Power Producers while a 50bps cut in National Saving Certificates also invited investor interest, she added. She said the fertiliser sector finally reversed some oversold momentum as news reports anticipating a price hike of Rs 250/bag of urea pushed Fauji Fertiliser +2.6 percent.
She added that Hub Power led the power companies as IPPs filled a material information reporting its intention to convert its oil fired power plants to coal, a move which was part of a deal between IPPs and the government for payment of the outstanding dues, Samar said.
A positive trade was seen in 237 shares out of total 330 active scrips while 73 companies have lost their share's prices and only 20 stocks were unchanged. Colgate Palmolive and Mithchells Fruit were the highest gainers of the day with share prices increased by Rs 55.00 and Rs 19.00 to close at Rs 1890.00 and Rs 519.00 respectively.
While two other companies including Nestle Pak and Siemens Pakistan were the big losers, their share prices decreased by Rs 324.95 and Rs 10.20 to close at Rs 6174.05 and Rs 641.00 respectively. Nine companies available in "Top Ten" chart witnessed increase in their share's prices and only one company has lost its strength. Fauji Cement succeeded again to take charge as "Volume Leader" with its share's price up by 78 paisa, closed at Rs 14.07 and the turnover was some 28.130 million shares.
Bank of Punjab also witnessed higher trend, gained Re 1, price closed at Rs 13.74 on some 12.926 million shares trading while PTCLA remained low by only two paisa, price stood at Rs 22.17 and volume was some 9.671 million shares. Maple Leaf Cement remained in green-zone with increase of 80 paisa, price closed at Rs 22.73 on some 5.071 million shares, Lafarge Pak also closed on higher side, gained 40 paisa, price stood at Rs 8.89 on some 5.005 million shares and PIAC (A) witnessed an increase of Re 1, price stood at Rs 10.06, volume was some 4.961 million shares.
Similarly, KESC lived in plus-zone with rise of 38 paisa, price closed at Rs 6.60 and the turnover was some 4.278 million shares, DGK Cement also remained in green zone, up by Rs 2.08, price closed at Rs 85.77, turnover was some 4.081 million and Pak Petroleum witnessed the same trend with a big jump of Rs 4.8 price closed at Rs 216.38 on some 4.003 million shares trading. And, the last one among the top ten was Jah Sidd Co which also witnessed an increase of 21 paisa, share's price closed at Rs 11.77 and the turnover was some 3.763 million shares.