The Karachi share market on second consecutive day witnessed positive trend as the benchmark KSE-100 index on Wednesday closed at another highest level of 16,675.7 points with 25.55 points gain. During the trading, the index also crossed barrier of 16,700 points however the level was not sustained due to investors'' profit taking attitude.
The index also hit the all time high level of 16,700.02 points and low level of 16,619.27 points during intraday trading. Volumes at ready counter surged to 234.131 million shares from 193.049 million shares traded a day earlier. Total market capitalisation increased by Rs 2 billion to Rs 4.172 trillion, previously stood at Rs 4.17 trillion. Overall some 369 stocks were active, out of which 164 closed in positive and 193 in negative while the share price of 12 stocks remained unchanged.
PTCL was the volume leader with 27.18 million share trading and its share price was down by Re 0.9 to close at Rs 17.01. Jah Sidd Co gained Re 0.3 to close at Rs 18.77 with 24 million shares trading. Share price of Lotee Pak PTA also increased by Re 0.04 to Rs 7.23 with turnover of Rs 16.6 million. With trading volume of 14 million shares, share price of Fauji Cement was down by Re 0.09 to Rs 6.82, the share price of Byco Pakistan was up by Re 0.55 to close at Rs 10.67 with 8.25 million turnover. Some eight million shares of Telecard were traded and its share price closed at Rs 2.51, down by Re 0.35.
Azgard Nine and Engro Food gained Rs 0.07 to Rs 8.68 and Re 4.34 to Rs 91.3 with turnover of 7.6 million and 6.7 million shares respectively. Some six million shares of Engro polymer were traded and its share price closed at Rs 11.06, up by Re 0.45. Sui North Gas gained Rs 1.26 to Rs 26.18 with share trading of 5.9 million shares.
Mithchells Fruit and Shezan International were the top gainers and their share prices increased by Rs 17.5 and Rs 6.96 to close at Rs 367.5 and Rs 446.96 respectively. While Indus Dying and Sanofi-Aventis Pak were the top losers and declined by Rs 30 and Rs 18 to close at Rs 590 and Rs 357 respectively. Ahsan Mehanti an analyst at Arif Habib said that led by selected blue-chip stocks in fertiliser and banking sector, Index closed at yet another highest level amid speculations ahead of SBP policy rate announcement.
He said that consolidation continued amid higher cement sales and prices data, expectations for release of US Coalition Support Funds and renewed foreign interest in blue-chip stocks with concerns for national assembly''s reluctance on issuance of notification regarding import of over three years old cars. Commenting on the market, ESCAP COO Hasnain Asghar Ali said that inability of the policies to get the legal and official cover, in both telecom and automobile sectors kept the listed stocks of the sectors under pressure, wherein PTC stayed the major victim, along with auto sector. Although steep decline in PTC found renewed buying that traded substantial turnover, losses that stayed prominent kept the investors aloof, he added.
While the short-term traders who await monetary policy announcement stayed cautious, while year end announcement and payout sensation stayed quite prominent in Banking and Fertiliser stocks, he said. "Besides providing sector and stock swapping opportunities, gains in the banking stocks allowed the benchmark to sustain the historic level", he mentioned.