The Karachi share market maintained uptrend and the benchmark KSE-100 index gained another 32 points to close at 30,103 points Friday compared to 30,071 points Thursday. Analysts said the market traded against expectations and closed in the green zone showing resilience against selling pressure before Eid and the news of a stay order given by Peshawar High Court against the offering of OGDCL.
Sideboard items were again in the limelight as very low volumes were witnessed in the main board, they added. Political drama has taken a back seat for the time being but can haunt the market again in the two trading days next week affecting the book building of OGDC, they said.
On last trading of the week, the market opened on a bullish note and made a high of 30,179 points, but could not sustain this level and closed at 30,103 points. Profit-taking was witnessed in the second session as investors choose to reduce trading positions on the last trading session of the week before the long Eid weekend.
AKZO continued its northwards journey for a third consecutive day due to a rumour about a possible buyback, they mentioned. "We expect the market to pick up after Eid," they said.
Despite positive trend, volume at the ready counter decreased by 33 percent as overall 112 million shares were traded against 168 million shares in previous session.
Following positive sentiment, the market capitalisation witnessed upward trend and surged by Rs 3 billion to reach Rs 7.007 trillion up from Rs 7.004 trillion. Trading took place in 385 companies, of which 194 closed in green zone, 117 in the red while 14 companies remained unchanged.
Among top 10 volume leaders, six companies closed higher. Al-Noor Mod emerged the volume leader with 10.4 million shares, losing Re 0.31 to close at Rs 5.94. Fauji Cement stood second, up Re 0.18 to close at Rs 19.92 on 6.4 million shares. Pak Elektron SPOT ranked third with 5.2 million shares and closed at Rs 27.31, up Re 0.12.
Similarly, with a trading volume of 5 million shares, Pervez Ahmed gained Re 0.25 to Rs 3.76. Bank Al-Falah fell by Re 0.24 to close at Rs 29.39 on 4.6 million shares. Some 4.5 million shares of Kohinoor Textile were traded and the scrip closed at Rs 24.37, up Re 0.68. Lafarge Pak increased by Re 0.08 to Rs 16.59 on 3.5 million shares. Maple Leaf Cement inched up by Re 0.30 to Rs 27.82 on 3.5 million shares. With a trading volume of 3.4 million shares, Telecard Limited closed at Rs 3.96, down Re 0.18. Engro Fertilizer shed Re 0.04 to close at Rs 55.10 on 3 million shares.
Rafhan Maize and Island Textile were the top gainers with Rs 200.00 and Rs 43.50 to close at Rs 11,450.00 and Rs 913.50, respectively. Sanofi-Aventis and Exide (Pak) were the top losers with Rs 37.00 and Rs 33.63 to close at Rs 750.00 and Rs 956.37, respectively.
"Rangebound activity was seen with low volumes due to upcoming holidays," said Samar Iqbal, Assistant Vice President Equity Sales, Topline Securities. She said cements remained active as investors expecting improved sales for September. The value decreased to $51 million or Rs 5.1 billion, she added.