The Karachi share market on Monday witnessed a bullish trend due to buying in oil, fertiliser and banking sectors and the KSE-100 index surge by 98.19 points to closed at 11,112.65 points from 11,014.46 points. Despite bullish trend, trading remained low and the volume at ready counter declined to 26.68 million shares as compared to 32.05 million shares traded on last Friday.
Market capitalisation increased by Rs 24.072 billion to Rs 2.89 trillion from Rs 2.86 trillion. Of 305 active scrips, 116 closed in positive zone and 86 in negative, while the values of 103 scrips remained unchanged. Fauji Fertiliser Bin Qasim was the volume leader with 3.9 million shares and gained Re 0.47 to close at Rs 44.05 per share. Fatima Fertiliser was up by Re 0.08 to close at Rs 22.95 with 3.34 million shares. With 2.06 million share trading, Fauji Fertiliser increased by Rs 2.6 to Rs 165.17. PTCL gained Re 0.27 to close at Rs 10.52 with 1.89 million shares.
Some one million shares of Arif Habib Co were traded and it gained Re 0.23 to Rs 27.82. National Bank of Pakistan declined by Re 0.10 to Rs 42.19 with 0.959 million shares trading. Lotte Pakistan PTA was down by Re 0.06 to close at Rs 9.77 with volume of 0.88 million. Jahangir Siddiqui Co surged by Re. 0.02 to closed at Rs 4.29 with 0.85 million shares.
With share trading of 0.743 million, D GKhan Cement closed at Rs 20.16 after a gain of Re. 0.20 and Silk Bank lost Re 0.05 to Rs 1.67 with trading of 0.723 million shares. Millat Tractors and Unilever Pak were highest gainers by Rs 18.83 and Rs 13.11 to close at Rs 395.59 and Rs 5,201.16 respectively, while Bata (Pak) and Indus Dyeing were worst losers by Rs 34.34 and Rs 8.45 to close at Rs 704.17 and Rs 389.95 respectively.
"Karachi Stocks market closed bullish in earnings announcements session led by fertiliser and oil scrips at KSE on speculations for early announcement of general elections in the country", said Ahsan Mehanti, Director Arif Habib Corp.
The KSE index remained volatile after Supreme Court summoned and issued contempt of court notice to Prime Minister in NRO case, he added. However, intra-day uncertainty eased on hopes for caution and policy of conciliation with judiciary by federal government.
Higher local urea and DAP prices, expectation of higher earnings outlook in oil exploration sector after fall in rupee dollar parity and major reduction of GST on tractor sales to 5 percent played a catalyst role in bullish sentiment at KSE, he concluded.
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