Index up 59.22 points

A bullish trend continued at the Karachi share market on Wednesday and the KSE-100 index increased by 59.22 points to close at 12,603.67 points. The market opened on a strong positive note and the index hit 12,664.15 points intra-day high level. Profit taking in some stocks in late hours, minimised the intra-day gains however the index managed to close above 12,600 psychological level.
Trading activities slightly reduced as the volumes at ready counter declined to 272.371 million shares as compared to 322.473 million shares traded on Tuesday. Total market capitalisation increased by Rs 13 billion to Rs 3.286 trillion. Of the total 346 active stocks, 143 closed in negative and 128 in positive while the value of 75 stocks remained unchanged.
Bank Al Falah was the volume leader with 26.188 million shares and gained Re 0.43 to close at Rs 13.88. In other banking sector stocks, BoP lost Re 0.70 to close at Rs 8.40 with 18.066 million shares while Soneri Bank and Askari Bank increased by Re 1.00 and Re 0.52 to close at Rs 5.88 and Rs 12.68 with 14.684 million shares and 13.894 million shares respectively.
Jahangir Siddiqui Co decreased by Re 0.49 to close at Rs 9.75 with 21.685 million shares. Pace (Pak) Limited inched up by Re 0.25 to close at Rs 2.16 with 18.589 million shares. DG Khan Cement declined by Re 0.57 to close at Rs 26.02 with 11.635 million shares. TRG Pakistan lost Re 0.26 to close at Rs 2.48 with 11.537 million shares. Azgard Nine declined by Re 0.60 to close at Rs 7.11 with 10.691 million shares. Fatima Fertiliser Co closed at Rs 24.00, up Re 0.03 with 9.70 million shares.
Wyeth Pak and Mitchells were the highest gainers increasing by Rs 6.85 and Rs 5.69 to close at Rs 754.87 and Rs 119.58 respectively while Unilever Pak and Unilever Foods were the worst losers declining by Rs 48.80 and Rs 40.00 to close at Rs 5601.20 and Rs 1700.00 respectively.
Hasnain Asghar Ali at Aziz Fidahusein Co said that the supported by gains in OGDC, the index averted otherwise a likely technical adjustment, despite roll-over, sectors and stocks swapping, and stagnation led pressure in wider frontline stock, banking stocks from all the categories, on turnaround stories, announcement euphoria and mergers and acquisition, rumours invited tremendous turnover along with substantial gains, while volume leaders from previous sessions under went technical adjustment, thus keeping the short-term traders, busy and active throughout the session.
"Though situation on economic and financial front, mainly on growing inflationary pressures, high government borrowing, debt retirement to international lenders and fiscal issues continue to signal caution, that may disallow aggressive activity in the frontline stocks, implementation of committed infrastructural changes may however allow frontline and mid-tier stocks substantial rise in trading multiples, cautious accumulation in the potential stocks can therefore be looked for on deeper discount, likely to surface upon prolonged stagnation, the stocks away from various visible threats in the economy can be looked for accumulation along with stocks yielding higher on cash payouts", he added.