Stock market hits new high level

The KSE-100 index, after breaching through 13,800 historic level to hit 13,806.38 points intra-day high, finally concluded at its highest ever level of 13,772.46 points with a fresh gain of 44.51 points on Friday, the last trading session of FY07 on the back of foreign buying, mainly in banking sector.
The overall market capitalisation stood at its all time high level of Rs 4.019 trillion, up by Rs 15 billion. The parallel KSE-30 index, however, could not sustain over 17,000 points level and after hitting 17,093.11 points intra-day highest level, finally closed at 16,993.51 points level, down by 9.24 points on the last trading session of the fiscal year.
The market started on a positive note and the KSE-100 index hit 13,806.38 points intra-day high level, however, profit taking in some select stocks pushed the index down at closing level.
The market witnessed healthy trading activity as the ready market volume increased to 447.722 million shares as compared to 430.270 million shares traded a day earlier.
The futures market turnover also increased to 128.662 million shares against 74.475 million shares previously. Trading took place in 390 scrips, out of which 183 scrips closed in positive column and 168 scrips closed in negative column while the value of 39 scrips remained unchanged.
Bank Al Falah was the star performer of the day with 42.307 million shares and the scrip surged by Rs 2.95 to close at Rs 65.10 followed by TRG Pakistan, which gained rupee one to close at Rs 16.40 with a total volume of 33.001 million shares.
Trading activity was also seen in Bank of Punjab (BoP) after clarification of its management and the scrip gained Rs 2.60 to close at Rs 116.50 with total turnover of 29.319 million shares. Askari Bank also gained Rs 0.95 to close at Rs 105.90.
PTCL and Telecard increased by Rs 0.80 and rupee one to close at Rs 57.00 and Rs 13.00 respectively, however, WorldCall Telecom declined by Rs 0.35 to close at Rs 18.35.
The cement sector also performed well as Lucky Cement and Dewan Cement surged by Rs 0.85 and Rs 0.70 to close at Rs 137.75 and Rs 17.35 respectively, however, Fauji Cement declined by Rs 0.50 to close at Rs 19.70.
Nestle Pakistan and Lakson Tobacco were the highest gainers, which gained Rs 45.00 and Rs 25.00 to close at Rs 1545.00 and Rs 575.00 respectively, while Pak Oilfields and National Refinery were the highest losers, losing rupees eight and rupees seven to close at Rs 317.00 and Rs 341.00 respectively.
Ahsan Mehanti at Shehzad Chamdia Securities said that the local equity market's upward journey continued till the last trading session of the fiscal year FY07.
The foreign investors' interest continued in the banking sector. Bank Al Falah performed well on the back of news regarding a deal of Warid Telecom, which is its subsidiary. BoP, after clarification of its management, performed well while healthy trading activity was witnessed in Askari Bank.
Trading activity was also seen in telecom sector as PTCL and Telecard closed in positive, however, WorldCall Telecom closed in negative zone. Lucky Cement performed well on the back of a news regarding its DGR and increasing exports. Dewan Cement also closed in positive column.