Index hits 30-month high

Positive trend continued at Karachi share market on last trading day of the week following some improvement on the political front. The KSE-100 index witnessed an increase of 0.53 percent or 65.57 points on Friday and the benchmark KSE-100 index closed at 30-month high level of 12,389.04 points from 12,323.47 points.
The index hit 12,429.39 points intra-day high and 12,275.80 points intra-day low level. Due to positive trend, trading activities at the ready counter also rose to 151.762 million shares as compared to 144.294 million shares traded on Thursday. However, the futures turnover was on decline as overall some 7.3 million shares were traded in the futures market against 7.8 million shares Thursday.
The overall market capitalisation surged by Rs 16 billion to Rs 3.352 trillion. It previously stood at Rs 3.36 trillion. Trading took place in 388 scrips, out of which 167 scrips closed in the negative, 198 in the positive and the value of 23 shares remained unchanged.
Fauji Fertiliser Bin Qasim was the volume leader with 19.24 million shares gaining Rs 1.23 to close at Rs 38.44. Lotte Pakistan PTA increased by Re 0.03 to close at Rs 14.73 with trading volume of 13.73 million shares. NIB increased by Re 0.19 to close at Rs 3.17 with trading volume of 12.7 million. DG Khan Cement gained Re 0.30 to close at Rs 30.48 with a trading volume of 8.8 million shares. With 5.7 million shares trading P.T.C.L.A lost Re 0.02 to close at Rs 19.5.
In addition, Nishat Mills Ltd increased by Re. 0.83 to close at Rs 68.14 with 5.5 million shares. National Bank of Pakistan closed at Rs 77.65, up by Re 0.23 with trading volume of 5.4 million shares. Arif Habib Corporation Pakistan lost Re 0.55 to close at Rs 26.63 with 5.06 million shares. Engro Corporation increased by Rs 3.27 to close at Rs 201.55 with 4.8 million shares with trading of 4.7 million share, Pak Oilfield closed at Rs 321.71, up by Re 3.16.
Rafhan Maize Products and Nestle Pakistan were the top gainers with Rs 58.29 and Rs 31.66 to close at Rs 2,090.30 and Rs 2,471.66, respectively. Wyeth Pak Ltd and Colgate Palmolive were the worst losers with Rs 46 and Rs 27.80 to close at Rs 1,050.00 and Rs 935.80 respectively. Ahsan Mehanti, Director Arif Habib Investments Limited said that positive activity was witnessed as political uncertainty eased after the government reversed fuel price hike.
He said that rising foreign exchange reserves, institutional and foreign interest in blue chip oil & gas, fertiliser scrips stayed on expectation for record earning announcements. "Expectations of early approval of leverage products kept investor sentiment positive despite concerns for rising fiscal deficit and the IMF statements on Pakistan energy subsidies," he said.