Index gains 52.3 points

A bullish trend continued on Karachi share market on Wednesday on the back of local investors'' and institutions'' support, and the KSE-100 index surged by 52.30 points to close at 12,367.29 points. The market opened on a strong positive note and the index breached 12,400 points level to hit 12,404.13 points intra-day high. Profit-taking in some stocks in late hours, however, reduced the gains.
Trading improved significantly and the volume at ready counter increased to 151.289 million shares as compared to 100.016 million shares of Tuesday. Market capitalisation increased by Rs 14 billion to Rs 3.284 trillion. Of 359 active scrips, 143 closed in positive and 117 in negative, while the values of 99 stocks remained unchanged.
Fatima Fertilizer was the volume leader with 40.118 million shares and gained Re 0.60 to close at Rs 14.31. BoP increased by Re 0.80 to close at Rs 7.25 with 11.547 million shares. Lotte Pakistan PTA inched up by Re 0.16 to close at Rs 15.29 with 11.239 million shares. Amtex increased by Re 1.00 to close at Rs 3.52 with 10.438 million shares.
Arif Habib Corp gained Re 0.85 to close at Rs 23.83 with 6.105 million shares. D G Khan Cement lost Re 0.07 to close at Rs 24.02 with 5.904 million shares. Fauji Fertilizer Co (FFC) and Fauji Fertilizer Bin Qasim surged by Rs 2.40 and Re 0.27 to close at Rs 144.59 and Rs 43.95 with 4.692 million shares and 4.120 million shares respectively. Nishat Mills lost Re 0.30 to close at Rs 56.97 with 4.348 million shares. Jahangir Siddiqui Co gained Re 0.25 to close at Rs 7.53 with 3.962 million shares.
Indus Dyeing and Atlas Honda were the highest gainers, increasing by Rs 5.97 and Rs 5.72 to close at Rs 349.68 and Rs 157.96 respectively, while Nestle Pakistan and Philip Morris Pak were the worst losers declining by Rs 30.14 and Rs 7.77 to close at Rs 3464.50 and Rs 213.29 respectively.
Ahsan Mehanti at Arif Habib Investments said that bullish sentiment continued with rising volumes at KSE on strong valuations post-federal budget announcement. He said that renewed interest of local investors in blue chip scrips and higher local commodity prices played a catalyst role in positive activity at KSE despite concerns for rising inflation and fiscal deficit in the country.