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Index surges by 255.01 points

The Karachi share market on Tuesday witnessed a bullish session on the back of investors' interest, on dips, mainly in fertiliser, banking, oil and cement sectors. The KSE-100 index surged by 255.01 points and closed at 11,338.04 points. The opening was dull, but the index kept oscillating between positive and negative zones.

However, the investors' reviving interest on available attractive levels supported the index to cross 11,300 points level and hit 11,368.35 points intra-day high. Trading improved significantly and the volume at ready counter increased to 77.801 million shares as compared to previous day's 36.453 million shares.

Market capitalisation increased by Rs 62 billion to Rs 2.938 trillion. Of 310 active stocks, 150 closed in positive and 79 in negative, while the values of 81 scrips remained unchanged. WorldCall Telecom was the volume leader with 11.991 million shares. However, it lost Re 0.03 to close at Re 0.81. Jahangir Siddiqui Co declined by Re 0.08 to close at Rs 4.19 with 10.908 million shares.

Fresh buying was witnessed in the fertiliser sector, and Engro Corp, Fauji Fertiliser Bin Qasim, Fatima Fertiliser Co and Fauji Fertiliser Co surged by Rs 4.59, Rs 2.16, Rs 1.07 and Rs 4.88 to close at Rs 96.56, Rs 48.03, Rs 22.49 and Rs 154.86 with 6.305 million shares, 48.03 million shares, 22.49 million shares and 154.86 million shares respectively. Lotte Pakistan PTA gained Re 0.45 to close at Rs 9.52 with 6.193 million shares.

DG Khan Cement increased by Rs 0.90 to close at Rs 19.00 with 3.410 million shares. Azgard Nine inched up by Re 0.36 to close at Rs 3.46 with 2.798 million shares. Investors' interest was also seen in the banking sector, as MCB surged by Rs 3.44 to close at Rs 140.70 with 2.416 million shares.

Nestle Pakistan and Siemens Pak were highest gainers by Rs 116.46 and Rs 36.67 to close at Rs 2445.75 and Rs 780.00 respectively, while Unilever Pak Foods and Indus Motor Co were worst losers by Rs 7.69 and Rs 3.56 to close at Rs 1700.00 and Rs 204.00 respectively. Ahsan Mehanti at Arif Habib Investments said that the stocks turned bullish at KSE on high expectations for early resolution of capital gain tax issues at the local bourse and easing political concerns after return of President and meeting between Prime Minister and army chief.

He said that the trade remained on higher side ahead of corporate earnings announcements as institutional investors accumulated oversold scrips on strong valuations. He said that the rising local commodity prices invited fresh buying in commodity stocks in oil and fertiliser sectors despite concerns for global economic uncertainty affecting foreign interest at KSE.

Copyright Business Recorder, 2011